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.
The Dutch clothing chain CoolCat declared bankruptcy and the closure of its 80 Dutch branches. The chain had a further 17 shops in Belgium, 6 in France, and 2 in Luxembourg. Severe losses in recent years are the reason for the bankruptcy, including a loss of more than €15 million in 2016. In total, 1,450 people work at CoolCat across all countries. In the Netherlands, there are approximately 1,180 employees. These individuals look likely to lose their jobs after the bankruptcy was declared on 19 March 2019. Options to take over and restart the chain were being examined during the last few days. However, the employees of the foreign shops are not expected to lose their jobs.
Eurofound (2019), CoolCat, Bankruptcy in Netherlands, factsheet number 97408, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/97408.