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.
Convenience chain My Local has entered administration and it is being reported that this will result in the loss of between 1,000 and 1,200 jobs. Sources differ as to whether the stores have already closed, but are agreed that the result will be the loss of around 90 stores from the company's portfolio of 125. It is being reported that the remaining stores will stay open while a buyer is sought. If a buyer cannot be found, then all 1,658 employees will lose their jobs.
The chain took over the Morrison's local stores in 2015 and opened more stores. However, it is understood that the new company has failed to be competitive in a sector well known for its regular price wars.
UPDATE 19/07/2016: It is being reported that 372 jobs have been saved at My Local, following the sale of 26 stores. The Co-op has bought six and Spar has bought a further seven. The buyers of the remaining 13 stores are not known. Reports suggest that the administrators may have buyers in place for a further 16 stores.
Eurofound (2016), My Local, Bankruptcy in United Kingdom, factsheet number 88189, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88189.