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 Wholesale Trade, Except Of Motor Vehicles And Motorcycles Other Specialised Wholesale 46.73 - Wholesale of wood, construction materials and sanitary equipment
100 jobs Number of planned job losses
Announcement Date
10 January 2023
Employment effect (start)
10 January 2023
Foreseen end date
31 December 2023
Description
The Norwegian housing construction group Mestergruppen will cut 100 jobs by 2023, especially in the departments producing cabins and building material, which corresponds to about 8% of the workforce. The reasons for the downsizing is a fall in the market due to high interest rates, prices on electricity and raw materials, with a reduction in construction of about 20-30 percent. In addition to downsizing, the company will cut costs in marketing, consultancy use and projects.
Mestergruppen is among Scandinavia's largest building material chains with over 240 stores in Norway, Sweden and Denmark. Mestergruppen's largest owner is the family-owned investment company Ferd. The group's turnover is about 18 billion NOK.
Eurofound (2023), Mestergruppen, Internal restructuring in Norway, factsheet number 108165, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/108165.
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