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.
Retail-to-luxury company PPR SA is to shed 400 jobs at its chain FNAC, a books-to-music retailer based in France. The cuts are part of a large cost-cutting plan aiming at saving EUR 35 million in three years. The cuts represent 3.4% of the companies workforce. 168 of these jobs cuts will be in Paris. 60 jobs out of the 168 will be cut with the closure of the only music-dedicated store in Paris located on the Bastille place. The 60 job losses will be effective by the end of 2009. The company said that there will be no more store closures as part of this restructuring. All of the other 340 jobs cuts are to be sought via internal restructuring.
Eurofound (2009), FNAC, Internal restructuring in France, factsheet number 68309, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68309.