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 Na Pali/Boardriders group, which owns well-known brands related to the surfing world (Quiksilver, Roxy, DC Shoes, Billabong, Element) has announced an employment safeguard plan with 164 job cuts including 136 direct dismissals.
The job cuts represent more than 20% of the French workforce. In May 2019, Na Pali/Boardriders had 699 permanent employees and 37 fixed-term contracts. This plan was validated on 23 May by the labour inspectorate and was the subject of a negative vote by the works council. The employment protection plan provides in particular for mobility assistance to Saint-Jean-de-Luz (shuttle service, mileage allowance, relocation assistance, assistance with the relocation of spouses and to find a place in a crèche, and so on) as well as assistance with relocation: from €5,000 to €10,000 for training and €10,000 gross for the creation of any economic activity. A 12 months reclassification leave during which the employee receives 80% of the gross monthly salary is scheduled.
The group, which has been in financial difficulty since the death of its founder in 2018, is subject to a cost reduction plan drawn up by its American shareholder. In France, this savings strategy is reflected in the third redundancy plan in six years after those implemented in 2013 and 2016. This time, the job cuts result from the consolidation at Saint-Jean-de-Luz (Pyrénées-Atlantiques) of the Billabong teams based at Soorts-Hossegor (Landes), for which a definitive closure was announced at the beginning of the year.
Eurofound (2019), Na Pali / Boardriders, Internal restructuring in France, factsheet number 98887, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/98887.
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