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.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Cultural And Recreation Goods In Specialised Stores 47.65 - Retail sale of games and toys in specialised stores
447 jobs Number of planned job losses
Announcement Date
2 June 2020
Employment effect (start)
1 September 2020
Foreseen end date
31 December 2020
Description
The toys retailer PicWicToys has announced a regorganisation that will lead to 447 job cuts from a total workforce of 1,237 employees. The announcement arrives less than a year after Luderix International, the parent company of PicWicToys, took over the French Toys'r Us stores. This restructuring is mainly due to a 14% drop in its turnover following the social movements at the end of 2019 ("gilet jaunes" ) and the coronavirus crisis. The restructuring will involve "closure of a warehouse unsuited to current needs", the closure of one of its two central purchasing units and the closure of 23 stores out of a total of 63. 'The company indicated that it intends to accelerate the implementation of its new business and economic model based on digital technology and in-store customer experience'.
Eurofound (2020), PicWicToys, Internal restructuring in France, factsheet number 100790, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/100790.
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