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.
BrightHouse, the UK-based rent-to-own retailer has made 900 workers redundant with immediate effect and without consultation, after the company had entered administration.
According to a statement by the administrators, 800 employees continue to work and 500 workers are on temporary paid leave under the UK government’s Coronavirus Job Retention Scheme. A restructuring expert said that the COVID-19 pandemic and the closure of all ‘non-essential’ shops in the UK had exacerbated the financial difficulties faced by the company.
Unions criticised the company's administrators for not using the furlough scheme to protect workers for at least three months.
BrightHouse specialises in selling household goods, such as washing machines and furniture through repayment plans, which means that customers ‘rent’ the goods until they have paid the full price in weekly payments. The company has 240 shops across the UK.
Eurofound (2020), BrightHouse, Bankruptcy in United Kingdom, factsheet number 100232, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/100232.