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 47.11 - Retail sale in non-specialised stores with food, beverages or tobacco predominating
700 jobs Number of planned job losses
Announcement Date
2 March 2011
Employment effect (start)
1 January 2010
Foreseen end date
Description
Spar Magyarország announced that it dismissed 700 employees in 2010. They cited the reason as decreasing turnover due to the crisis and a tax increase on their buisiness earnings. The company is planning to sell cheaper "S-Budget" products to avoid further dismissals. Spar Magyarország Ltd was established in 1990 as a part of the international Spar-chain counting 33 members. The first unit was opened in Tata and today there are 398 units across the country.
Sources
2 March 2011: Népszava
2 March 2011: Pénzcentrum
2 March 2011: Menedzser Fórum
Citation
Eurofound (2011), Spar Magyarország, Internal restructuring in Hungary, factsheet number 71749, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71749.
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