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.
Northern Foods today announced the closure of a bakery in Manchester with the loss of about 690 jobs. It is the company's latest move aimed at reviving its fortunes. The site, which produces a range of chilled savoury pastry products, predominantly Tesco's own brand ranges, was acquired by Northern Foods in 1991. In 2005-06, the operation suffered losses of more than £3 million before interest and tax. The company said the decision to close the bakery 'reflects Northern Foods' focus on improving the overall performance of the business'.
The GMB union suggested that this was another example of Tesco throwing their buying power weight about by depressing prices and moving production at will to other plants.
Eurofound (2006), Northern Foods, Closure in United Kingdom, factsheet number 63972, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63972.