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 Dutch electronics retail store Scheer & Foppen, which currently has stores across the North, East, and West of the Netherlands, was declared bankrupt and dismissal procedures have been initiated for all of its 475 employees. The bankruptcy covers all 56 stores, several webshops (Bobshop and Internetshop) and the logistical service provider E-man. The independent installation contracting division of Scheer & Foppen with 100 employees has not been declared bankrupt and will continue functioning. The company has been suffering from the heavy competition in the branch from both larger chains of electronics retailers and Internet shopping. It is considered unlikely, though not yet completely ruled out, that the chain may be taken over by another company. The trade unions were not allowed to attend the meeting in which personnel was informed about the bankruptcy, but the union CNV Vakmensen has stated that it will keep a close eye on the proceedings in order to prevent employees, who are expected to continue working until at least 1 July 2016, from suffering cuts to their unemployment benefits.
Updated, 18/7/2016: On 30 June 2016, the attempt at finding a company for a takeover was announced to have failed. The company is likely to continue trading for a few weeks in order to sell remaining stock. All 475 employees will subsequently be dismissed.
Eurofound (2016), Scheer & Foppen, Bankruptcy in Netherlands, factsheet number 87864, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/87864.