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.
The manufacturer of lingerie, underwear, tights and stockings DIM has announced it will cut about 142 salesperson positions working in shops and boutiques such as Galeries Lafayette and Le Bon Marché. The company wants to avoid forced dismissals and to replace as much as possible employees within the company, according the HR manager. About 10 positions will be open for internal mobility. Also, about 47 employees could leave the company with aging measures or early retirement. The social plan that was signed by two unions (CFE-CGC, CFTC) forecasts 142 job cuts including 7 positions that are currently not occupied (at least 135 positions will be cut). It includes an "outplacement leave" (congé de reclassement), that could reach 24 months with the possibility to choose to leave on early retirement 4 1/2 years before the legal retirement age with full pension. In this period, employees would receive near to 100% of their salary. Employees who would be dismissed will receive an extra legal dismissal allowance that could reach euro 50,000 depending on seniority and qualifications. DIM has 1,800 employees in France. Management explains its decision by a trend in the famous "Grands magasins " such as Galeries Lafayette or le Bon Marché to focus on luxury products. This obliges the stores to upgrade the skills and the role of salespersons. DBApparel group which has the underwear brands DIM and Playtex, decided in May 2006 to cut 950 jobs in DIM throughout Europe including 450 in France (see ERM FS).
DBApparel is owned by American private equity firm Sun European Partners.
Eurofound (2014), DIM, Internal restructuring in France, factsheet number 77085, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77085.
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