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.
UK’s largest pharmacy retailer has announced plans to reduce its workforce by 700 jobs. It has been reported that no job losses will take place in Boots retail stores; rather it is staff working in back office support roles that are being made redundant. Around 400 staff based at the head office in Beaston, Nottingham will lose their jobs, representing around half of the total workforce at this location. An additional 300 support jobs located in other regions across the United Kingdom will also be lost.
The job losses follow the takeover and merger in August 2014 of Boots by US pharmacy chain Walgreens and form part of a restructuring and cost-cutting plan that was originally announced in April 2015. Boots employed approximately 70,000 people across the United Kingdom, having opened its first retail outlet in Nottingham in 1848.
Updated, 11/10/2016; It has been announced that Boots will offer voluntary redundancy packages to 500 staff. These packages are understood to form part of the 700 reductions which were announced in June 2015. Most of the 500 staff affected are based at the head office in Beeston, Nottingham.
Eurofound (2015), Boots, Merger/Acquisition in United Kingdom, factsheet number 83661, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/83661.
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