The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Real Estate Real Estate Activities Real Estate Activities 68 - Real Estate Activities
502 jobs Number of planned job losses
Announcement Date
25 April 2024
Employment effect (start)
25 July 2024
Foreseen end date
Description
Nexity, the leading property developer in France, has initiated negotiations with its trade unions to establish a redundancy plan to cut 502 jobs in response to the new housing market crisis. Since 2023, Nexity has implemented a hiring freeze and, according to the CFDT trade union, executed 179 contractual redundancies and 110 other layoffs, totaling a reduction of 289 positions. "Nearly 400 employees have already exited the company even before the redundancy plan takes effect," reported the CFDT union.
The company has already divested its Portuguese and Polish subsidiaries, closed its Belgian subsidiary, sold its Italian platform, and completed its projects in Germany. Other companies in the property development sector, such as Bouygues Immobilier and Vinci Immobilier, have announced similar measures.
Three previous factsheets have documented significant restructuring events in the ERM database, the most recent noting a loss of 3,100 jobs in 2023 due to outsourcing Nexity Property Management 2023 - FR.
‘Updated, 24/10/24
The approved social plan includes several measures to reduce workforce numbers at Nexity. Seventy vacant positions will remain unfilled, around 30 employees will be reassigned to other divisions, and approximately 275 layoffs are planned following voluntary departures and internal restructuring. About 100 employees are expected to leave voluntarily, and 180 internal job offers will be provided over a three-week period, though these roles often come with reduced wages. The plan has been criticized for lacking training opportunities to support broader redeployment options.
Eurofound (2024), Nexity, Internal restructuring in France, factsheet number 200900, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200900.
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