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 In Non-Specialised Stores 47.1 - Retail sale in non-specialised stores
180 jobs Number of planned job losses
Announcement Date
3 June 2014
Employment effect (start)
3 June 2014
Foreseen end date
Description
Finnish retail trade company Stockmann has announced that it will cut 180 jobs in its department stores' support functions in Finland. According to the sources, when concluding negotiations regarding 240 redundancies in their department stores, Stockmann announced a job reduction of 180 for department stores' support functions. The sources report that the job reductions are part of a cost-savings plan which is expected to save €7 million next year.
According to the sources, the job cuts are a result of a decline in profits and sales over the last few years. As part of this restructuring programme, Stockmann plans to create a new business model. The ERM has reported on previous restructuring events at Stockmann in 2014.
Sources
3 June 2014: Svenska YLE
3 June 2014: YLE
Citation
Eurofound (2014), Stockmann, Internal restructuring in Finland, factsheet number 77122, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77122.
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