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.
Finnish specialty goods store chain Tiimari has announced redundancies of 70 employees during 2014-2015. The company is closing 24 of its 174 stores nationwide.
Tiimari produces and sells materials for crafts and gifts as well as stationery items, among other things. It has operated 174 stores with approximately 500 employees in Finland, but it has also stores in Estonia, Latvia and Lithuania. The company seeks to improve its result by 2 million euros annually. The redundancies of 70 employees will start in early 2014 and end by the end of June 2015.
Updated, 30-09-2013: As announced, Tiimari has been declared bankrupt.
Updated, 10-12-2013: As reported, Tiimari will close all its stores by the end of February 2014.
Eurofound (2013), Tiimari, Bankruptcy in Finland, factsheet number 75729, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75729.