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 23 December 2011, the Commercial Court of Lyon announced the liquidation of the French lingerie manufacturer Lejaby. However, on the 19th of January, the Commercial Court revised the statement and announced the takeover of Lejaby by the former CEO of the Italian lingerie manufacturer La Perla. Before the liquidation the company had 450 employees. The new owner planned to keep on 195 employees, mainly at its headquarter in Rillieux (Rhône). All other 255 workers will be dismissed, including 93 employees at the last France-based factory (90 of them female) in Yssingeaux (Haute-Loire).
This decision caused industrial action at Yssingeaux and the closure of the site became an issue for the government and politicians standing for the French presidential election of April-May 2012.
Finally, political influence lead to the takeover of Lejaby's Yssingeaux site by leather goods manufacturer Sofama, a supplier of the luxury brand Louis Vuitton (LVMH group). Sofama bought the site and decided to train all 93 employees in leather goods production. The CEO of LVMH, Bernard Arnault, said he was proud to help Sofama to save employments and keep industry in France.
Eurofound (2011), Lejaby, Merger/Acquisition in France, factsheet number 73297, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73297.