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.
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://apps.eurofound.europa.eu/restructuring-events/detail/70716.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
