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 is closing a department store in Oulo, Finland affecting all 230 employees. The store will be closed in 2017 at the latest.
Furthermore Stockmann has initiated employer-employee negotiations concerning 1,100 positions in the support functions within Stockmann Retail, Real Estate and Group Administration in Finland. The potential reduction need is estimated to be 260 jobs mainly through ending of fixed-term contracts and layoffs.
Update 02/06/2015:On the 2nd of June negotiations regarding support functions of its Retail and Real Estate businesses and its Group Administration in Finland were concluded. 100 jobs will be reduced in support functions, 56 through dismissals and most of the remaining 44 through the ending of fixed-term contracts.
These negotiations are part of a larger efficiency improvement programme initiated in February 2015 which involved the future closure of Stockmann's Oulu department store and several facilities in Russia. Stockmann currently employs around 3,000 people in Finland.
The ERM has reported on three restructurings within the Stockmann Group in 2014 that can be found here: 1, 2, 3.
Eurofound (2015), Stockmann, Closure in Finland, factsheet number 79267, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/79267.