Restructuring events
European Restructuring Monitor (ERM)
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.
Burton of London, a French clothing retail chain, has announced the closure of 26 of its 109 stores across France, with 110 to 221 jobs out of 441 at risk of being cut. The closures are part of a job protection plan aimed at restructuring the company, which was placed under a safeguard procedure in October 2022. The affected stores include locations in Aix-en-Provence, Clermont-Ferrand, La Roche-sur-Yon, Créteil, Montauban, and Paris Montparnasse.
The company, purchased in late 2020 by entrepreneur Thierry Le Guénic for a symbolic one euro, is restructuring to address profitability issues. The store closures are targeting locations that have been unprofitable for the last decade. According to the company, the maximum number of job cuts could reach 221, but Le Guénic has stated that the number could be closer to 110-120 if the planned sale of some stores, including the retention of employees, is successful.
The CFTC workers' union has criticized the plan as a "true social disaster," pointing to insufficient social support measures in the job protection plan. The union has also expressed concern about the company's financial backing, given that the owner controls several other companies with substantial resources. Negotiations with unions and local authorities continue, as the company seeks to mitigate the impact of the layoffs.
Burton of London, part of Thierry Le Guénic's portfolio of brands, has been undergoing financial struggles. Le Guénic also owns several other brands, including Habitat, Chevignon, and Lejaby.
One year after, the company has been declared bankrupt. here is the relevant factsheet: Burton of London 2024 - FR
Eurofound (2023), Burton of London, Closure in France, factsheet number 201610, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201610.
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