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.
Bridges Motor Group, a firm that retails motor vehicles, has announced the closure of four sites in Cirencester, Newbury and Reading with the loss of 116 jobs. The announcement of the job losses follows the firm entering administration. The firm operates two sites in Cirencester and one each in Newbury and Reading. KPMG, the administrators of the firm, attributed the bankruptcy of the firm to adverse trading conditions within the automotive retail sector. As of June 2008, there is no information on when the job losses will be implemented by. Bridges Motor Group employs 139 in the UK. 23 staff, based at the firm's head office in Cirencester, will be retained to aid the firm's administrators. As of June 2008, it is unclear what will happen to the 23 remaining staff in the long term.
Eurofound (2008), Bridges Motor Group, Bankruptcy in United Kingdom, factsheet number 66718, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66718.