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 Other Goods In Specialised Stores 47.71 - Retail sale of clothing in specialised stores
129 jobs Number of planned job losses
Announcement Date
8 November 2016
Employment effect (start)
Foreseen end date
Description
British retailer Marks & Spencer has announced a worldwide reorganisation which affects Hungary as well. The company will close all its shops in Hungary. The six units are located in Budapest, five of them in shopping centers and one in Váci street, a historical street of Budapest. By this closure, Marks & Spencer's activity will be ended in Hungary. According to Jonathan Glenister, Marks & Spencer’s Regional Director, Europe, Greater China and India, Marks & Spencer has struggled to break-even in the last three years but can no longer continue to trade in Hungary. 129 jobs will be lost.
Sources
8 November 2016: origo.hu
8 November 2016: marketinginfo.hu
8 November 2016: The Guardian
Citation
Eurofound (2016), Marks and Spencer (Hungary), Closure in Hungary, factsheet number 89059, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89059.
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