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.
Childcare provider Estro was declared bankrupt. As announced, the bankruptcy is due to the financial crisis and the government cuts in child care subsidies. Just 3 days later, the group made a restart through a so-called pre-pack construction. All in all, 130 centers were closed, resulting in the loss of 1,000 jobs.
The remaining 250 centres carried on under the new name Small Steps, with 2,600 jobs remaining. According to the sources, the ‘pre-pack’ construction has no legal basis in the Netherlands, and has been criticized, amongst others by the unions, that are preparing a court case.
Eurofound (2014), Estro, Bankruptcy in Netherlands, factsheet number 77421, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77421.