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.
Photo Hall, a multimedia retailer, member of Spector Photo Group announced its intention to close its 83 shops in Belgium which will result in 350 job losses.
The management issued a declaration of bankruptcy to public authorities. According to the unions, "this is a social drama and a big waste". The unions and the management have reached an agreement regarding overdue wages and they are negotiating compensation. The management has reported that the company lost more than 1,2€ million last year, and the figures for 2012 are also negative.
At the moment, there are on-going negotiations with potential buyers, but according to statements it does not look very promising for the majority of employees. The stores will close mid-November and a decision for the liquidation of the company has to be reached by the 9th.
Eurofound (2012), Photo Hall, Closure in Belgium, factsheet number 74429, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74429.
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