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.
Wholesale / Retail Retail trade Retail sale of other goods, except motor vehicles and motorcycles 47.71 - Retail sale of clothing
270 jobs Number of planned job losses
Announcement Date
18 October 2018
Employment effect (start)
Foreseen end date
30 November 2018
Description
The Norwegian retail company PM - Personlig Mote announced in October 2018 that 270 jobs will be lost due to its closure. The closure is the result of a bankruptcy due to tough market conditions in the retail sector. The company claims to have attempted finding a new investor, but did not succeed. The 51 stores in Norway will close down as soon as the clothes are sold out, and the job losses will happen then. This is most likely in the end of November, according to the company.
The company has operated in Norway for 30 years. The retail sector in general continue to face tough market competition due to online sale and foreign competition.
Sources
Citation
Eurofound (2018), PM Retail, Bankruptcy in Norway, factsheet number 95716, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/95716.
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