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.
Fashion company FNG is closing all of its 14 Promiss stores and 38 of its 48 Steps stores in the Netherlands. FNG’s new strategy means a focus on the online sale of both brands instead of in-store sale. As a result, about 184 employees from both stores will be dismissed, while the remaining 50 employees can work in other stores of FNG like Mis Etam or Claudia Sträter.
The company achieved a turnover of €512 million in 2018. The net profit rose from €7.3 million to €11.5 million that year.
Eurofound (2020), FNG, Closure in Netherlands, factsheet number 99535, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/99535.