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 Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale In Non-Specialised Stores 47.1 - Retail sale in non-specialised stores
143 jobs Number of planned job losses
Announcement Date
21 August 2003
Employment effect (start)
Foreseen end date
Description
The company will start cooperation talks in 48 K-Citymarket department stores in order to cut 150 jobs.The reason behind the cuts is that the functions of the stores will be divided into 3 product groups in stead of the present 5. This restructuring in believed to make the stores more competetive and effective. The company will probably offer jobs for the dismissed ones according to the new function model.
10 October 2003
As an result of the cooperation talks with the personnel Citymarket has decided to cut its personnel by 143 employees. 78 are dismissed directly, 65 gets specific pension arrangements and one part starts to work on part time. One part of the fixed term contracts will not be renewed.
Sources
28 October 2003: Hufvudstadsbladet
21 August 2003: Helsingin Sanomat
Citation
Eurofound (2003), K-Citymarket, Internal restructuring in Finland, factsheet number 59700, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/59700.
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