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 Cultural And Recreation Goods In Specialised Stores 47.6 - Retail sale of cultural and recreation goods in specialised stores
1,000 jobs Number of planned job losses
Announcement Date
17 June 2013
Employment effect (start)
24 June 2013
Foreseen end date
20 July 2013
Description
On 17 June 2013, the Commercial Court of Paris decided the liquidation of entertainment and retail chain Virgin Megastore, affecting a total of 1,000 jobs.
According to the sources, 960 jobs are at stake and another 40 people will lose their jobs (from subsidairies). A works council will be held on 24 June to reach the final decision of the social plan. Employees fight to obtain a 15 million euros budget instead of the 8 million currently proposed by the owner. As reported, 8 out the 26 stores are occupied by employees protesting and asking for a better departure plan.
The company that created the first “megastore” on the Champs-Elysées (Paris) in 1988 has seen its turnover decreased with the increase of sells on the Internet. Virgin operates 26 stores in France and is owned by the Butler Capital Partners investment funds.
Eurofound (2013), Virgin Megastore, Bankruptcy in France, factsheet number 75527, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/75527.
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