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 Of Other Goods In Specialised Stores 47.71 - Retail sale of clothing in specialised stores
500 jobs Number of planned job losses
Announcement Date
19 July 2016
Employment effect (start)
Foreseen end date
Description
Clothing retailer Store 21 has announced that it is to cut 500 jobs as part of a restructure aimed at securing the long-term future of the company. The deal which was agreed will see 77 stores close, though this will secure 1,200 full time positions. Lower rents have been agreed on the 100 stores which will remain. The sites which are due for closure were not thought to be viable even if rents had been reduced. The timescale for the store closures has yet to be reported.
Sources
19 July 2016: BBC Website
Citation
Eurofound (2016), Store 21, Internal restructuring in United Kingdom, factsheet number 88327, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88327.
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