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.
Industries Sportswear Company (ISC), an Italian clothing company, has announced it will cut 127 jobs in Italy. According to the media source 80 of these job cuts will be in the new center of Mestre. The source reports that the company plans to reorganise its operations to increase profitability. The layoffs are part of a wider restructuring at the company; in November 2013, Moncler transferred four of its brands to ISC. After the transfer, Moncler sold 70% of the share capital of ISC to Cavaliere Brands, an Italian company indirectly controlled by the Luxembourg based Anglo-American investment fund Emerisque Brands. Trade unions have opposed the job cuts and organized strike action in protest.
Update, 22 May 2014: Following negotiations with trade unions, the company has reduced the redundancies to 106. The sources report that around 80 people will be made redundant at the Mestre facility. The remaining job losses will be of logistics staff at Trebaseleghe and shop staff.
Update, 24 June 2014: After a meeting held on 18 June 2014 at Confindustria’s Padova office, the planned redundancies were reduced from 106 to 100. According to the source however, ISC will close the brand 'Coast + Weber + Haus' and its Grandate (Como) operational headquarters. Employees who are made redundant will be entitled to the special wages guarantee fund. The source also notes that the trade unions wish to further reduce the number of layoffs.
Update, 5 July 2014: An agreement was reached between the company and the unions.Wages Guarantee Funds will be activated in order to ensure an income to 92 redundant workers for the next 24 months. Workers will be then put on a mobility scheme. The company committed itself to put in place training and outplacement initiatives and to invest about 20 million EUR in the next three years.
Eurofound (2014), Industries Sportswear Company, Outsourcing in Italy, factsheet number 77106, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77106.