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.
Finnish retail trade company Stockmann has announced that it will cut 330 jobs across Finland by the beginning of 2015. The jobs will be cut in both Stockmann’s department stores and at its customer service operations at its websites (stockmann.com and Akateeminen.com).
The job reductions are part of a cost-savings plan which was introduced in spring 2013, these job cuts are expected to save an additional €10 million. According to the source, the decrease in profits is a result of a reduction in consumers' purchasing power and low confidence in the economy.
Negotiations with employee representatives have already begun. As well as the job cuts, the negotiations will also include potential changes to staff job descriptions.
Updated 03/06/2014: When negotiations with employee representatives were concluded, it was agreed that a total of 240 jobs will be cut at Stockmann, instead of the 330 initially announced. Of the 240 jobs, 110 employees will be fired and 130 employees will be let go through voluntary dismissals and early retirement.
Eurofound (2014), Stockmann, Internal restructuring in Finland, factsheet number 76858, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76858.
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