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 Other Household Equipment In Specialised Stores 47.51 - Retail sale of textiles in specialised stores
287 jobs Number of planned job losses
Announcement Date
22 June 2020
Employment effect (start)
30 June 2020
Foreseen end date
Description
FNG, the largest Belgian chain of clothing and shoe retail stores, has announced dismissals in several of its subsidiaries. Most affected are the following retail stores - Brantano (153 jobs), Concept Fashion Store XL (14), FNG International (63) and Fred & Ginger Retail (46). In total about 47 retail stores are at risk of closure as well as employees at the FNG offices. Around a quarter of group employees may be affected. According to the company management, the restructuring measures are needed in order to safeguard the future of the company in the long term. Trade unions are currently negotiating with the mangement in order to discuss the extent of the dismissals. They are however worried if more large dismissal rounds will follow in the future. They state that the current COVID-19 crisis has had a significant impact on the company, but more structural problems are also present. The group will seek temporary protection from creditors while it negotiates restructuring in some of its retail affiliates.
Eurofound (2020), FNG, Internal restructuring in Belgium, factsheet number 101061, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101061.
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