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.
Maplin, a UK-based electronics retailer, went into administration in February 2018, putting its 2335 employees at risk of redundancy. In March, the administrators made redundant 141 employees working in the two head offices in London and Wath upon Dearne, in the north of England. However, staff working in Maplin’s 219 shops across the UK remained employed as the company attempted to sell off existing stocks. Some of the shops closed in May and although the company has not given any information about the timescale for the closures, it is reported in the media that all shops will be closed by July. This will make the company’s remaining employees redundant.
According to a report by the administrators, Maplin owes its employees £3.8 million (€4,3 million) for redundancy notice pay.
Maplin is one of several chains on UK high streets that are currently facing difficulties. A number of retailers, from New Look and Carpetright to Marks and Spencer are conducting major restructuring as a response to financial pressure.
Eurofound (2018), Maplin Electronics, Bankruptcy in United Kingdom, factsheet number 94215, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/94215.