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.
Lookers, the British car dealership, has announced that it will permanently close 27 showrooms across the UK by the end of 2020, making 1,500 jobs, approximately 20% of its workforce, redundant. Redundancy consultations with the affected staff have already started.
The company’s chief executive said that the large scale restructuring is necessary to ensure future sustainability. Lookers and the UK’s car industry as a whole have been severely affected by the COVID-19 pandemic, as production and sales have fallen sharply since February 2020.
Lookers is one of the top three car retailers in the UK, operating 164 car dealerships, used car trade centres and service centres across the country.
Eurofound (2020), Lookers, Internal restructuring in United Kingdom, factsheet number 101063, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/101063.
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