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 Asda supermarket group is to cut 1,400 managers in a move to boost its profits and dwindling market share. The 279-strong chain part of the US Wal-Mart empire, has been losing market share to Tesco and a resurgent J Sainsbury in recent months. About 200 of the jobs being cut are at Asda's head office in Leeds and the head office of its George fashion brand in Lutterworth, Leicestershire. The cuts equate to 1 in 10 of headquarters staff and those affected will leave ‘in the coming days'. The other 1,200 jobs affected are junior managerial positions in the stores. The Chief Executive Andy Bond said the cuts were ‘very unfortunate for the individuals but important and right for Asda and its customers'. The savings would be invested in ‘frontline customer service'. He said he intends to hammer down costs, run more in-store events and focus on basics, such as shorter queues and filling shelves. In February 2005, the company had announced the creation of 6,000 new positions and the development of 15 new stores.
Eurofound (2005), Asda, Internal restructuring in United Kingdom, factsheet number 61912, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/61912.
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