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 Via Stalls And Markets Or Other 47.91 - Retail sale via mail order houses or via Internet
1,178 jobs Number of planned job losses
Announcement Date
30 October 2013
Employment effect (start)
9 February 2014
Foreseen end date
31 December 2017
Description
Kering group has announced to cut about 700 positions in its mail-order and online clothing retailer subsidiary La Redoute.
The restructuring plan aims is to reduce the workforce before selling the company. The group plans to sell its operations in the retail sector.
La Redoute had already cut about 250 positions in 2009 and 672 jobs at the end of 2008. Kering (formerly PPR) is a France-based company that specializes in retail and distribution of luxury goods.
UPDATE 09-01-2014:
Kering group finally has decided to sell La Redoute to the company’s CEO Nathalie Balla and financial director Eric Courteille. The previously announced social plan will not be implemented. The new owners have announced to the works councils a restructuring plan to cut 1,178 jobs in France by the end of 2017. Less then 700 of the job cuts will be implemented via forced redundancies. Kering furthermore contributes EUR 315 million to the company’s recapitalisation. La Redoute employs 3,437 staff worldwide and 2,656 in France.
Sources
30 October 2013: Le Figaro
29 October 2013: Libération
9 January 2014: Le Monde
31 October 2013: Les Echos
Citation
Eurofound (2013), La Redoute, Merger/Acquisition in France, factsheet number 76111, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76111.
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