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 Of Food, Beverages And Tobacco In Specialised Stores 47.2 - Retail sale of food, beverages and tobacco in specialised stores
1,000 - 1,286 jobs Number of planned job losses
Announcement Date
28 June 2016
Employment effect (start)
Foreseen end date
Description
Convenience chain My Local has entered administration and it is being reported that this will result in the loss of between 1,000 and 1,200 jobs. Sources differ as to whether the stores have already closed, but are agreed that the result will be the loss of around 90 stores from the company's portfolio of 125. It is being reported that the remaining stores will stay open while a buyer is sought. If a buyer cannot be found, then all 1,658 employees will lose their jobs.
The chain took over the Morrison's local stores in 2015 and opened more stores. However, it is understood that the new company has failed to be competitive in a sector well known for its regular price wars.
UPDATE 19/07/2016: It is being reported that 372 jobs have been saved at My Local, following the sale of 26 stores. The Co-op has bought six and Spar has bought a further seven. The buyers of the remaining 13 stores are not known. Reports suggest that the administrators may have buyers in place for a further 16 stores.
Sources
28 June 2016: The Guardian
29 June 2016: BBC Website
19 July 2016: Retail Gazette
Citation
Eurofound (2016), My Local, Bankruptcy in United Kingdom, factsheet number 88189, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88189.
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