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.
Building materials distribution company Wolseley is to cut 800 jobs in Britain – 13% of its UK workforce – and make reductions to its Nordic operations, of which the numbers are currently unspecified. This includes 80 branches and a distribution centre in Worcester, to save £25-30 million a year, although the restructuring will cost around £100 million. This has been catalysed by a drop in demand for building materials, which in the UK has been partially called by the reduction in subsidies for green energy, including efficient boilers and solar power. After the closures, Wolseley will have 440 branches, targeted at small traders, and 80 larger stores.
Eurofound (2016), Wolseley, Closure in European Union, factsheet number 88723, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88723.