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.
Supermarket cooperative, Coop, is to cut its administrative and logistics staff in Norway by 500-550 employees following the acquisition of supermarket chain Ica. The restructuring will reduce the logistics staff by about 300 full time positions and from 200 to 250 full time positions will be cut in administration. Both departments currently employs 2000.
Both Coop and Ica have struggled with falling market shares in Norway over the past few years. Coop's acquisition of Ica's 550 supermarkets was finalised in March, making Coop the second largest group in this market. The restructuring process is already ongoing, and several employees have received dismissals or severance packages. The company expects the restructuring to be completed by April next year. Union representative Johnny Sletvold in Ica says that while it is tragic that up to 550 people will lose their jobs, the situation would not necessarily be better if Coop did not buy Ica, as the company was struggling financially.
Eurofound (2015), Coop Norge, Merger/Acquisition in Norway, factsheet number 83688, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/83688.
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