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.
Dutch lighting company Signify has announced that it will cut 700 jobs worldwide, including 250 positions in the Netherlands. The dismissals will be carried out at different units across the globe, including Mississippi in the United Stated, where Signify is to close a plant and cut 135 jobs. The restructuring programme is related to the COVID-19 pandemic, as the company registered a drop in demand for lighting systems, and does not expect the market to be back at pre-pandemic sales' level until 2023.
Signify, previously Phillips Lighting, is the world’s biggest provider of lighting for professionals and consumers. Globally, the company is present in over 70 counties and employs 37,000 staff.
Eurofound (2021), Signify, Internal restructuring in World, factsheet number 103531, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103531.