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.
Media company SNPEI has announced a social plan envisaging the cut of 111 jobs in 2012. SNPEI is the publisher of several local newspapers such as Paris-Normandie, Havre Libre, Le Havre Presse and le Progrès de Fécamp.
The management has presented its new development plan to its Works Council. The plan envisages the reduction of production and structural costs, leading to the cut of 111 jobs at different sites including 21 journalist positions.
SNPEI was placed into receivership on 29 February for an observation period of six weeks after an announced loss of 2 million Euros in 2011 (compared to a turnover of up to 40 million Euros). The management will present a plan of recovery on April 11th. According to the management, the social plan is one of the elements of the recovery plan.
UPDATE 18/06/2012 - The commercial court announced the liquidation of the company on 21 June, as there was no takeover offer. 196 employees will be dismissed.
UPDATE 25/07/2012 - The commercial court suspended its decision of the 21 June. It has given its green light to the take-over of the company by two journalists, former directors of regional newspapers. The new owners have announced to dismiss 85 employees of a total workforce of 357.
Eurofound (2012), Société normande de presse, d'édition, et d'impression (SNPEI), Merger/Acquisition in France, factsheet number 73270, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73270.