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.
British retailer Marks & Spencer has announced a worldwide reorganisation which affects Hungary as well. The company will close all its shops in Hungary. The six units are located in Budapest, five of them in shopping centers and one in Váci street, a historical street of Budapest. By this closure, Marks & Spencer's activity will be ended in Hungary. According to Jonathan Glenister, Marks & Spencer’s Regional Director, Europe, Greater China and India, Marks & Spencer has struggled to break-even in the last three years but can no longer continue to trade in Hungary. 129 jobs will be lost.
Eurofound (2016), Marks and Spencer (Hungary), Closure in Hungary, factsheet number 89059, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/89059.