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.
In October 2008, Scandinavian leisure property broker Notar announced the closure of 44 (out of 80) real estate offices in Norway with the loss of 103 jobs. On 2nd December, it was reported that many of the offices went bankrupt while 34 lost their concessions for broker services. Around 55 employees lost their jobs on the same day.
Notar’s agents are partly directly employed by the company and partly on franchise contracts. In an interview with Dagens Næringsliv, the company top manager explained that the offices will be closed because they have not been profitable. From now on the group will employ only real estate agents on franchise contracts. The top manager also stated that no severance packages will be offered to redundant workers as the offices are to be closed down and not just downsized.
The newspapers do not report any reactions from unions, probably because there is no union present in Notar. As of November 2008, there is no information on the number employed in Norway.
Eurofound (2008), Notar, Internal restructuring in Norway, factsheet number 67338, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67338.
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