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 In Non-Specialised Stores 47.1 - Retail sale in non-specialised stores
408 jobs Number of planned job losses
120 jobs Number of planned job creations
Announcement Date
4 September 2018
Employment effect (start)
Foreseen end date
Description
Department store Fenwick has announced restructuring plans which will affect all its outlets. The plans include the loss of 408 jobs, and the creation of 120 jobs at the flagship branch in Newcastle Upon Tyne. The restructuring event has been prompted by declining sales and a corresponding decrease in profits. As a result, the business aims to centralise the finance, HR, IT and legal functions at the Newcastle branch. Previously, branches had maintained these functions autonomously. Other changes involve the store offering online services as it seeks to modernise. No information has been reported on when all the changes are set to take place, though it is understood that redundancy notices have already been issued to affected staff at the Newcastle branch.
Sources
Citation
Eurofound (2018), Fenwick, Internal restructuring in United Kingdom, factsheet number 95388, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/95388.
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