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.
Rediv, formerly known as Patatam, a second-hand clothing resale company, is closing its doors and laying off its 102 permanent employees due to bankruptcy. An additional 15 temporary workers will also lose their jobs. The closure follows the company’s inability to secure a buyer, attributed to poor sales performance.
One of the company’s co-founders, who left prior to the bankruptcy, cited the lack of sales resulted from physical second-hand stores struggling to compete with the rise of online resale platforms. In contrast, the president of a local chamber of commerce pointed to broader economic pressures, such as inflation and high transportation costs, as contributing factors.
The closure has sparked disappointment and anger among employees and local government officials, particularly given the significant public resources invested in supporting the company.
Eurofound (2024), Rediv (ex Patatam), Bankruptcy in France, factsheet number 202013, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202013.
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