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.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Information And Communication Equipment In Specialised Stores 47.43 - Retail sale of audio and video equipment in specialised stores
350 jobs Number of planned job losses
Announcement Date
26 October 2012
Employment effect (start)
31 December 2012
Foreseen end date
1 January 2013
Description
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.
Sources
26 October 2012: rtl.be
29 October 2012: L'avenir
Citation
Eurofound (2012), Photo Hall, Closure in Belgium, factsheet number 74429, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74429.
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