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.
Spanish household appliance retailer Urende - a subsidiary of Grupo de Empresas Sánchez-Ramade - is to dismiss 592 workers and close 18 stores across Spain.
The announcement follows the approval of the workforce adjustment plan by the Ministry of Employment and Social Security. Both the management and the staff have accepted the redundancy plan. The agreement on the job cuts will be ratified on 27 January 2012.
The firm went into administration because it was unable to refinance its debt and come to a deal with its creditors. Urende currently has debts account to a total of EUR 200mn. The next step is the approval of the redundancy plan from the Cordoba Business Court.
After the restructuring the firm will be left with 110 workers, only four stores (Ciudad Real, Cordoba, Jaen and Granada) and the central administration office in Cordoba.
Eurofound (2012), Urende, Internal restructuring in Spain, factsheet number 73345, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73345.