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 Sale Of Cultural And Recreation Goods In Specialised Stores 47.6 - Retail sale of cultural and recreation goods in specialised stores
2,070 jobs Number of planned job losses
Announcement Date
5 July 2011
Employment effect (start)
5 July 2011
Foreseen end date
31 December 2011
Description
On 5 July 2011, Polish press distributor Ruch is in the process of restructuring its activities and it has plans to cut 2,070 jobs by the end of 2011. The management hopes that this move will make the business more profitable. However, alongside redundancies Ruch is also recruiting new employees to work in newly created areas.
In September 2010, Ruch was acquired by US hedge fund Eton Park Management; before the acquisition Ruch was a state-owned company.
The ongoing restructuring will not only have an impact on employment levels, but it will also have repercussions on the overall structure of the retail units across Poland. Wojciech Heydel, president of the Ruch, expects that the company will double incomes in 2016 thanks to this restructuring operation.
With a retail network comprising more than 7,400 outlets, Ruch controls 41 percent of the press distribution sector in Poland.
Sources
5 July 2011: Parkiet
Citation
Eurofound (2011), Ruch, Internal restructuring in Poland, factsheet number 72218, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72218.
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