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
900 jobs Number of planned job losses
Announcement Date
11 July 2011
Employment effect (start)
11 July 2011
Foreseen end date
14 November 2011
Description
Swedish home electronics chain ONOFF filed for bankruptcy and gave notice to all employees on July 11 2011.
OnOff was founded in 1982, and today the company has 67 stores and over 900 employees all over in Sweden. The home electronics industry is characterised by stiff competition, price pressure and low profits, and the company has struggled for a long period of time. In 2009, the company had a turnover of 3 billion (approximately 310 million €) SEK and made a 44 SEK million loss.
Sources
11 July 2011: Di.se
Citation
Eurofound (2011), OnOff, Bankruptcy in Sweden, factsheet number 72192, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72192.
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