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 Galeries Lafayette group has announced a restructuring with 185 job cuts, following an agreement reached on 4 January 2021 with the unions. The group closed its shops for around 100 days in 2020 due to the pandemic. The job cuts do not concern the shops but the accounting services (10 positions), the travel agencies (43 positions) and the support functions at the Paris head office (132 positions), that is 16% of the head office's workforce. For head office employees, departures will initially be voluntary. 'The call for volunteers should be made in April. If it is not enough, there will be a redundancy plan,' explains a CGT trade unionist. The employees of the main shop located at Paris on Boulevard Haussmann are protected until the end of August 2021 by a long-term partial activity agreement. This agreement allows 25% partial unemployment.
Galeries Lafayette obtained a state-guaranteed loan of €300 million at the end of the year.
Two former restructuring announcements were recorded in March 2015 (177 job cuts) and July 2015 (134 job cuts). Two recruitment announcements were also recorded in 2016 with 500 job creations, and in 2018 with 700 job creations.
Eurofound (2021), Galeries Lafayettes, Internal restructuring in France, factsheet number 102986, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102986.