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.
Greggs, the British bakery chain has announced plans to cut jobs in its shops across the UK from November. The exact number of redundancies is unknown, but consultations with staff in half of the company’s 2,039 shops have already started.
The company’s chief executive said sales had decreased by 25% compared to last year’s figures in the wake of the COVID-19 crisis and it was necessary to 'resize' the business until demand increases. The chief executive added that while Greggs was 'grateful' for the Coronavirus Job Retention Scheme introduced in April, the business was not planning to take advantage of the new job support scheme that starts in November.
Greggs was founded 75 years ago and now employs 25,000 people across the UK. The bakery produces both savoury and sweet items, and it is the most popular dining brand.
Update 14/11/2020: Greggs has confirmed that it will cut 820 jobs across the UK. The chief executive officer has said that the company will not be profitable under the COVID-19 restrictions.
Eurofound (2020), Greggs, Internal restructuring in United Kingdom, factsheet number 102187, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/102187.
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