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.
French consumer credit company LaSer Cofinoga (jointly owned by Galeries Lafayette and BNP Paribas Personal Finance) is to restructure their business and cut 438 jobs. Some 377 jobs will be lost at the Mérignac-based site which currently employs 2,555. Another 40 jobs will be cut from the headquarters in Paris and 19 across different branches, and only two jobs will be scrapped at the Jurançon site.
UPDATE, 10/02/2012 - The management intends to implement the job losses through voluntary redundancies. Some affected workers will be offered internal transfers and will be provided with support to find alternative employment. There are various reasons behind the decision to restructure the business - i.e. decrease in operating profits, tightening of laws on consumer credit and reduced credit activity due to the Basel III regulations on liquidity ratios.
Trade unions opposed the planned job cuts. According to them French bank BNP Paribas willfully ignored changes to revolving credit and how they could affect the company's employment situation.
UPDATE, 01/03/2012 - according to latest news Cofinoga and its shareholders have proposed 230 to 250 posts via reclassification for the Mérignac site. Only a minority are in the same region.
Eurofound (2012), LaSer Cofinoga, Internal restructuring in France, factsheet number 73310, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73310.