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 Co-op Group is to cut 600 jobs at its head office in Manchester - almost one in five posts - as it struggles to cope with mounting competition from Tesco and its own bungled expansion strategy. The Co-op, which runs 3,000 food and pharmacy stores as well as a bank, reported in May 2005 that operating profits were down to £244 million from £327 million in 2004.
Chief executive Martin Beaumont said the shake-up - which follows 2,500 redundancies from its insurance arm - was ‘deeply regrettable' but vital to ensure the business had a viable future. The food retailing side recorded a 40% slump in profits to £47.8 million as it suffered against expanding rivals, but it also had self-inflicted problems as it failed to easily assimilate new acquisitions. A further 800 shops have been added to the Co-op network over the past two years, including 64 convenience stores bought from Conseco in 2004.
Eurofound (2005), Co-op, Internal restructuring in United Kingdom, factsheet number 61654, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/61654.
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