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 insurance company SPB Group has announced a reorganisation with 230 job cuts in Europe including 121 in France. About 109 job cuts will occur in other countries, mainly in UK, Spain and Poland. SPB is an European leader in insurance for major brands (Auchan, BNP, Carrefour, Darty, Leclerc, Fnac, Micromania, LCL, Orange, SFR). The company was growing, but the COVID-19 crisis and the shutdown of the economy during the three months of containment caused contracts to fall by 80% and the forecasts for the coming months and years are not good. The CEO is counting on a 15 to 20% drop in turnover for the year 2020. In 2019, the company recorded €200 million in turnover, so it is projecting a loss of €30 million at the end of the year.
Several former expansion were announced in 2015 (150 job creations), in 2013 (150 job creations in France and 300 job creations in Europe) and 160 job creations worldwide in 2008.
Eurofound (2020), SPB (Société de Prévoyance Bancaire), Internal restructuring in World, factsheet number 100905, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100905.