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 Scottish department store group Watt Brothers has filed for bankruptcy and 251 people have been made redundant with immediate effect. Ten stores located across Scotland have already been closed down, but the flagship store with 55 employees in Glasgow remains open, while the administrators are looking for a buyer. However, their jobs are also at risk - unless a buyer is found, the Glasgow store will close in December 2019. A spokesperson for the administrators said that it is being worked with some local labour offices to support the affected staff.
Watt Brothers, a family-owned business, was established in 1915. The company’s difficult financial position is caused by growing challenges in the UK retail sector.
Eurofound (2019), Watt Brothers, Bankruptcy in United Kingdom, factsheet number 99128, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/99128.