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.
On 8th November 2016, British-owner retailer Marks & Spencer has announced that it will withdraws from the Polish market which means that 11 stores across Poland will be closed and 351 jobs will be cut. The conditions of the dismissal programme are negotiated with the representatives of employees.
The company, after the comprehensive review of 466 foreign stores, decided to close these branches which are not profitable enough. The programme is a part of larger restructuring plans of the company; Marks & Spencer plans to close in total 53 stores operating in ten countries: China, France, Estonia, Hungary, Lithuania, Slovakia, Romania, Belgium, Poland and the Netherlands. The company estimates that the programme will cost GBP 150-200 million.
Eurofound (2016), Marks & Spencer, Closure in Poland, factsheet number 89069, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/89069.