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.
The Supermarket chain Kwik Save has been declared bankrupt. The firm, which employs 1,700 in the UK across 146 stores, had struggled to compete with low-cost rivals such as Aldi and Lidl, and its market share recently fell to 0.2%. 56 of the firm's stores will be saved after being purchased in a deal backed by the Irish retail entrepreneur Brendan Murtagh and the 600 staff at these outlets will keep their jobs. The 1,100 made redundant are unlikely to be paid by administrators and will have to make claims to the government for statutory redundancy pay. Many staff had worked unpaid for the last six weeks in the hope that the chain could be saved from administration. Shop workers' union Usdaw said that staff in stores earmarked for closure would be 'devastated' by the news. 'Our members will be feeling totally let down by Kwik Save,' Joanne McGuinness, the union's national officer said. 'They have shown incredible strength and resilience in trying to keep the company alive and have had to rely on handouts from relatives. Some have faced losing their homes.'
Eurofound (2007), Kwik Save, Bankruptcy in United Kingdom, factsheet number 65581, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65581.