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 commercial court in Madrid has accepted the redundancy plan (expediente de regulacíon de empleo', ERE) for 119 workers presented by the Spanish clothing retailer Coronel Tappioca, which has been undergoing bankruptcy procedures since 2010.
The redundancy procedure will result in 119 direct dismissals. Approximately 181 employees will remain on site and 21 shops will be closed (43 shops will remain opened) in the regions of Madrid, Catalonia, Galicia, Valenciana, Castilla-La Mancha, Murcia, Canaries and Andalusia.
The Court confirmed the agreement reached between the the staff's representatives and the bankruptcy trustee for a 23-day compensation for every year of service, up to a maximum of 12 months. This redundancy plan is the second presented since 2008, when Coronel Tappioca dismissed 14% of their staff.
Eurofound (2011), Coronel Tappioca, Bankruptcy in Spain, factsheet number 71690, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71690.