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.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Trade, Except Of Motor Vehicles And Motorcycles 47 - Retail trade, except of motor vehicles and motorcycles
200 jobs Number of planned job losses
Announcement Date
6 July 2010
Employment effect (start)
31 July 2010
Foreseen end date
31 August 2010
Description
French retailer FNAC, leading retail chain of books, records and videos is shutting down its 3 stores in Greece resulting in 200 job losses.
The company's management has informed staff members of its decision to withdraw from Greece, one of its strongest growing markets last year, after operating in the domestic market for five years. As such FNAC is shutting down its three-branch network located at The Mall Athens in Maroussi, Glyfada and Monastiraki and 200 employees loose their jobs.
Changing economic conditions appear to have prompted the turnaround in strategy by the French company, which had described Greece as one of its strongest-performing markets regarding sales growth between January and August last year. The company's CEO had said in November that FNAC had plans to expand its branch network in Greece in the medium term to up to 12 stores with an investment of between 25 and 30 million euros.
Retailer "Public" is expected to take over two of the FNAC stores, in Maroussi and in the beachside area of Glyfada. Sources close to the deal said Public has not agreed to buy the two retail outlets but will take them over by the end of the summer after agreeing to acquire a large part of FNAC's stock and equipment. Staff currently employed at the two stores will also hired by Public, sources added. FNAC's third store in Monastiraki, launched in November last year at a cost of 3.5 million euros, is also likely to shut down soon. The French company has been operating in Greece via a joint venture that included the Greek company Marinopoulos and the French Pinault-Printempts-Redoute (PPR).
FNAC is a leading seller of books and music with about 145 stores (some 80 in France) in half a dozen European countries and Brazil. In addition to music, FNAC stores sell books, videos, and other electronic media. The company also runs the French mail-order operation fnac.com and digital download platform Fnacmusic. FNAC's Veil & Jeux subsidiary operates about 40 toy and game stores for children, and sells toys by catalogue and online. While more than two-thirds of FNAC's sales are made in France, the retailer is growing rapidly outside of its home country.
Eurofound (2010), FNAC, Closure in Greece, factsheet number 70716, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70716.
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