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.
The company has got 26 shops all around Spain, plus its company offices
Sector
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Cultural And Recreation Goods In Specialised Stores 47.65 - Retail Sale Of Games And Toys In Specialised Stores
186 jobs Number of planned job losses
Announcement Date
18 March 2024
Employment effect (start)
31 March 2024
Foreseen end date
Description
Poly Juguetes, a Spanish chain of toy stores plans to file for bankruptcy proceedings, which implies the lay-off of its entire workforce (186 employees) and the closure of its 26 physical shops located throughout Spain, in addition to its digital sales channel and company offices.
The company was acquired by the Dutch Teal group in 2018, but has since incurred in significant losses year after year, accumulating more than 15 million euros of losses with no optimistic forecasts for this year 2024. According to the company, Poly's viability in recent years has been based exclusively on the financial support of the Teal Group, but these contributions have not allowed the company to become profitable or to meet its obligations.
Eurofound (2024), Poly Juguetes, Bankruptcy in Spain, factsheet number 200955, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200955.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
