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.
The Commercial Court of Lyon has decided the liquidation of the furniture manufacturer Grange located at Saint-Symphorien-sur-Coise (Rhone): 106 employees and workers will be dismissed. The court did not receive a sufficiently strong takeover bid. The shareholder, the American group Middleby, has opened a negotiation on the dismissal allowance to be paid to employees, which foresees a compensation amount beyond the minimum amount provided by law. Employees claim €700 per year of seniority. The closure of the company would be accompanied by the establishment of a dedicated external redeployment unit.
The company was created in 1904. Despite the financial support of local authorities, in ten years, its turnover was divided by four and decreased to €12 million in 2017 for losses greater than €15 million. Grange employs 176 employees, 106 in France and 70 abroad. About sixty employees worked in Saint-Symphorien-sur-Coise, the remaining employees worked in a factory (20 employees) at Saint-Pierre (Jura) and in 5 shops in Bordeaux, Lyon and Paris.
Eurofound (2018), Grange, Bankruptcy in France, factsheet number 95854, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/95854.