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 Food, Beverages And Tobacco In Specialised Stores 47.2 - Retail sale of food, beverages and tobacco in specialised stores
292 jobs Number of planned job losses
Announcement Date
3 May 2017
Employment effect (start)
Foreseen end date
30 June 2017
Description
The Finnish grocery leader S Group has announced the intention to close its Prisma hypermarkets and to dismiss 292 employees in Vilnius and Kaunas by June 2017. The retailer currently operates four stores in Lithuania and all of them will be closed in June 2017. According to the management, Prisma market shares in Lithuania were not large enough to ensure profitability, thus the growth would be very challenging going forward.
Prisma LT started its activities in Lithuania in 2008 and had plans to open 10 stores.
Prisma stores will also be closed in Latvia.
Sources
3 May 2017: 15min.lt
3 May 2017: Verslo zinios
3 May 2017: Lietuvos Rytas
Citation
Eurofound (2017), Prisma LT, Closure in Lithuania, factsheet number 90826, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90826.
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