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.
Signify, a lighting company from the Netherlands, is cutting approximately 1000 jobs worldwide, of which 500 are to be cut in the Netherlands.
The job cuts will be spread over 30 countries in which Signify is located. The company aims to mainly cut non-production related expenses, which is part of a reorganisation that was announced earlier.
Signify faces a declining demand in Europe, the US, and Asia due to inflation and interest rate hikes. Despite increased sales to business customers, the overall improvement is offset by decreased revenues in horticulture and office building lighting. Additionally, the slow recovery of the Chinese economy, the company's second-largest market, remains a challenge, with unfavourable market conditions.
In the course of the last year, Signify already eliminated around 2,700 of its nearly 35,000 full-time positions.
Eurofound (2024), Signify, Internal restructuring in Netherlands, factsheet number 200733, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200733.