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.
Furniture retailer Arance has applied for a redundancy procedure affecting its entire workforce i.e. 198 employees. This will entail the closure of all the shops across three different regions: Andalucía, Madrid and Extremadrua. The measure is blamed on the economic downturn.
The redundancy procedure conditions have been agreed with the employee's representatives. The workers will receive a compensation for dismissal of 20 days per year worked. The company expects to close all the shops before 31 December 2012.
Eurofound (2012), Arance, Closure in Spain, factsheet number 73416, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73416.