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.
H&M, the Swedish multinational clothing retailer, announced an employment adjustment plan that would initially affect 1066 workers in Spain by closing 30 shops. After a month of negotiations, protests and strikes, the company and the unions have reached a pre-agreement to reduce the number of people affected to 349 (almost 70% less). The agreement establishes that the dismissals will be voluntary and a compensation of 45 days per year worked for those with a contract prior to 2012 (when the labour reform came into force), and 33 days for employees with contracts after 2012. The pre-agreement also establishes a reduction in working hours (not exceeding 20%) for 170 employees for 24 months. The trade unions CCOO and UGT value positively the pre-agreement reached, which improves the conditions of dismissal and reduces the number of people affected.
Eurofound (2021), H&M, Internal restructuring in Spain, factsheet number 104963, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/104963.