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.
Richleys Stewarts, a firm that retails clothing, has announced that it has entered adminstration with the loss of 137 jobs across sites in Swansea, West Wales, and Bristol. The firm retails discount clothing at twenty-nine locations in Swansea, West Wales, and Bristol, and has attributed its financial problems to adverse trading conditions within the sector. The firm employs a total of 269 at these sites, yet 132 jobs have been saved after buyers were found for 15 of the locations. The firm entered administration on 12th March 2008, and the redundancies were implemented from this date. Richleys and Stewarts were originally two separately run businesses and were merged together in 2007 by the firm's current management. Administrator Andrew Sheridan, of the firm Baker Tilly, said that the firm's poor sales had meant that it was unable to service the level of debt that it had taken to merge the two firms in 2007. Mr Sheridan stated:
'Given the difficult retail market conditions and the seasonality of the sales pattern, many of the stores have not been able to generate sufficient sales to service the companies' borrowings. In securing the sale of over half of the outlets, we are delighted to have been able to save jobs in local communities, although it is disappointing that in having to close a number of stores, regrettably some redundancies have had to be made.'
Eurofound (2008), Richleys Stewarts, Closure in United Kingdom, factsheet number 66403, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66403.
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