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.
British retailer Marks & Spencer has announced a worldwide reorganisation plan that will lead to close seven of its 18 shops in France and to cut about 517 position. In 2001, the UK group had already closed all its shops in France before deciding a come back in 2011. The French subsidiary of Marks & Spencer has faced a loss of €26 million in 2015 for its French shops. The group had decided to close all its stores excepted those managed by Lagardère Travel Retail and SFH Invest in the framework of a franchise. Of the 517 job losses, around 80 are located in its flagship store on the Champs Elysées in Paris. The management has started the information and consultation process with the employees' representatives. The main union Seci-Unsa has asked the management to actively seek a company or investors to take-over the different sites, as forecasted by the French legislation ("Loi Florange"). If the management fails to find a take-over, the union will ask for high dismissal allowances and a training plan to ensure that the redundant employees will find a new job. Apart from the shop located on the Champs Elysées, the other shops are located in Beaugrenelle (Paris)commercial mall, in Levallois-Perret (Hauts-de-Seine), Aéroville in Tremblay-en-France (Seine-Saint-Denis) and in Villeneuve-la-Garenne (Hauts-de-Seine). The two other shops, providing only food, are located in Paris.
This plan is part of a worldwide restructuring that will lead to close 53 shops mainly in UK (30 closures), China (10 closures), Belgium and seven other EU countries. Since taking over as the new chief executive in April 2016, Steve Rowe has embarked on a program of simplifying the retailer’s structure.
Eurofound (2016), Marks and Spencer, Closure in France, factsheet number 89073, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/89073.
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