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 Stockmann Group has announced that they will cut a maximum of 380 jobs from its clothing retail chain Seppälä to increase profitability. The collaborative negotiations concern all 800 employees at Seppälä.
At the same time, the Stockmann Group also announced the planned closure of all Seppälä stores in Russia, Latvia and Lithuania in 2015. The restructuring is an attempt to increase earnings, and is considered necessary to make the whole group profitable.
Stockmann employs a total of 3,000 people in Finland, out of which 800 are employees at Seppälä. The ERM has reported on two previous restructuring events at Stockmann in June 2014and April 2014.
Update, 05-01-2015: Late December the Stockmann Group made a strategic decision to focus on the core businesses of the group, meaning that the company will proceed with closing several of fashion chain Seppälä's shops. It is estimated that 310 jobs will be lost in this process. The final decision is to be taken at the end of January. Furthermore, an additional 70 jobs will be cut from Seppälä's headquarters and warehouses, bringing the total job loss up to 380.
Eurofound (2014), Seppälä, Internal restructuring in Finland, factsheet number 77766, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/77766.
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