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.
More than 300 shopworkers lost their jobs while 16 out of 40 staff at the Blackpool headquarters have also been made redundant after the owner of the Eisenegger discount clothing chain collapsed into administration.
The lay-offs followed a decision by administrator BDO Stoy Hayward to close 38 of the 67 shops run by Blackpool-based Basebuy, which also owns the Foxhole brand on the high street. Basebuy generates more than £55 million in annual sales, but has been badly hit by the slowdown in consumer spending and paid the price for opening outlets where rents were sky-high.
Later in April 2005 the company was brought out of administration due to a management buyout. This safeguarded the remaining 300-plus staff and the other 29 outlets.
Eurofound (2005), Eisenegger, Internal restructuring in United Kingdom, factsheet number 61385, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61385.