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.
On 17 November, the management of the electronic retailer network Boulanger announced 300 job cuts in the frame of a social plan.
Last July, the group Boulanger was taken over by the French subsidiary Saturn of the German group Metro. The 35 Saturn stores were now converted into "Cap Boulanger" stores.
According to the unions, pressure was put on employees to force them to leave the company. They estimated that 400 employees have already left the company under these conditions. The unions also claim that the management is asking sales staff to sign an agreement to modify their employment contracts and accept a 30% wage reduction.
UPDATE, 06/02/2012: According to media reports the final social plan will affect 394 employees. The CGT estimate that more jobs might be affected (415), as some employees will not take up offers of relocation.
UPDATE 04/07/2012: The number of redundancies will increase from 400 to 600. The management explained that the reason is its failure to find investors to take over five Saturn stores in Angers, Aubergenville, Le havre, Mulhouse and Toulon and a Boulnager store at Tours.
Eurofound (2011), Cap Boulanger, Merger/Acquisition in France, factsheet number 72799, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72799.
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