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 Ermenegildo Zegna group, one of the world leaders in luxury men's clothing, is to cut 110 jobs in Italy. The reorganisation plan envisages 90 job-cuts at the Novara plant (out of 321 employees) and 20 job-cuts at the San Pietro Mosezzo plant (out of 123 employees). The job cuts are blamed mainly on the recent fall in demand.
The trade unions reacted to the company' decision by demanding the recourse to 'social shock absorber' measures in order to avoid the lay-offs. In particular, they request the recourse to the 'job-security agreement', which permits a reduction of working hours (daily, weekly or monthly) when the enterprise's production decreases.
The Ermenegildo Zegna group is a leading multinational company in the men's luxury clothing industry, distributing its products in over 80 countries worldwide. It has around 7,000 employees, of whom half work outside Italy.
The authorities had previously applied for aid from the European Globalisation Adjustment Fund (EGF) to help workers in Piemonte.
Eurofound (2009), Ermenegildo Zegna, Internal restructuring in Italy, factsheet number 68683, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68683.