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.
Powerhouse, the UK's third biggest electrical retailer, has gone into administration, closing 50 stores. The number of redundancies to be made is not yet clear, but it will be in the region of 500-800 jobs. The move came after PRG, its New Zealand-based owner, withdrew financial support for the loss-making chain. PRG bought Powerhouse for £16m in 2003, after the then 223-strong chain entered administrative receivership. Administrators BDO Stoy Hayward hope to sell the chain, based in Bicester, Oxfordshire, as a going concern. Administrator Martha Thompson said BDO Stoy Hayward had carried out a review of the Powerhouse business.
'It is with real regret that it has been necessary to close all the trading stores,' she said.
'We will continue to work hard to secure a sale of the business and its assets.'
A spokesman from the trade union Usdaw said staff had arrived for work this morning and were sent home with redundancy forms.
'Our members have worked miracles in keeping this company afloat in a very competitive sector,' he said.
'They are devastated at being told to go home, because they now face an uncertain future.'
'We will work closely to ensure they get the redundancy they are entitled to and will work with the administrator to ensure that terms and conditions are respected.'
Eurofound (2006), Powerhouse, Closure in United Kingdom, factsheet number 63862, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63862.
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