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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.9 - Other financial service activities, except insurance and pension funding
60 jobs Number of planned job losses
Announcement Date
30 August 2022
Employment effect (start)
30 August 2022
Foreseen end date
Description
Canadian-based e-commerce investing company Clearco has announced to close its operations in markets outside the U.S. and Canada and to cut 60 jobs across Ireland, Germany, the U.K. and Australia, which stands for 16% of the company's global workforce. It is transferring its activities to U.K.-based Outfund.
The decision to exit the international markets comes after a year of slow e-commerce growth and rising interest rates that have been an obstacle to the company's expansion plans. Clearco will offer to dismissed employees severance and a two-year window to exercise equity. The decision came just a few months after the company had announced the recruitment of 125 people in Ireland (Clearco 2022-IE).
The company currently employs 375 people worldwide.
Eurofound (2022), Clearco, Outsourcing in World, factsheet number 107300, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/107300.
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