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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64.92 - Other credit granting
133 jobs Number of planned job losses
Announcement Date
4 August 2014
Employment effect (start)
4 August 2014
Foreseen end date
Description
Payday lender, the Cash Store has ceased trading after being placed into administration on 1 August 2014. The administrators were unable to find a buyer for the business. The closure has resulted in the loss of 133 jobs. The company, which was FCA regulated, cashed cheques which gave customers immediate access to cash and it also provided a worldwide money wiring service. The Canadian parent company. The Cash Store Financial Services Inc. was reported to have been providing funding for the UK operation, which was making a loss.
The UK head office was located in Stockport. The majority of the 27 UK stores were located in the north west of England and Yorkshire. All of the 120 staff who worked in the 27 UK outlets were made redundant with immediate effect. In addition, a further 13 staff who were based in the Stockport headquarters were also made redundant. The administrators are said to be assisting the workers to apply for statutory redundancy entitlements.
Eurofound (2014), The Cash Store, Bankruptcy in United Kingdom, factsheet number 77379, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77379.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
