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.
Finnish department store group Anttila has initiated employer-employee negotiations aiming to cut up to 300 jobs at its Kodin1 department stores. In total 531 employees at nine different stores, including central management will be affected by the negotiations. Anttila stated that the Kodin1 stores are no longer profitable, and there require restructuring in order to improve operations of the company as a whole. Anttila plans to expand other parts of its business activity and have opened new department stores in Turku, Tornio and Lohja during the last 3 months. Anttila also plans to expand its internet retail capacity as well.
The Anttila group will try to keep the number of redundancies down by, to the extent possible, offer redundant employee’s jobs in other parts of the company.
Update 02/08/2016: Anttila was declared bankrupt due to insolvency on 20 July 2016. All of the nearly 1,300 employees working in the 31 remaining Anttila and Kodin1 department stores have been dismissed. Their last workday is 3 August, but most of the staff have been offered additional fixed-period contracts until the end of August. It is not yet known how or when the company will be liquidated. In the meantime the physical stores continue running their activities, while the online shop remains closed for now.
Eurofound (2016), Anttila, Bankruptcy in Finland, factsheet number 87994, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/87994.
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