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 Wholesale Trade, Except Of Motor Vehicles And Motorcycles Wholesale On A Fee Or Contract Basis 46.16 - Agents involved in the sale of textiles, clothing, fur, footwear and leather goods
100 jobs Number of planned job losses
Announcement Date
23 February 2016
Employment effect (start)
23 February 2016
Foreseen end date
31 December 2017
Description
Clothing retailer Tom Tailor announced plans to cut 100 jobs by 2017. Furthermore, a total of 80 to 100 stores will be closed and only 30 will be opened in 2016, compared to 132 new openings and 41 closures the previous year. Affected employees are mainly located in administrative and central functions.
According to the management the job cuts are necessary due to internal restructuring with the company trying to save costs including cost on rentals, cargo and logistics. The company is suffering from declining stock prices and profits.
Tom Tailor, headquartered in Hamburg, currently employs 1,000 employees.
Sources
23 February 2016: Handelsblatt (print)
25 February 2016: Textil Wirtschaft
Citation
Eurofound (2016), Tom Tailor, Internal restructuring in Germany, factsheet number 86594, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86594.
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