All Restructuring articles
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ArticleAdidas to close offices of sports app developer Runtastic in Austria
The closure affects 170 employees as part of the German company’s strategic shift to centralize digital operations.
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ArticleGaleria’s insolvency proceedings completed, restart under own management
The insolvency proceedings of the German department store chain, formerly Galeria Karstadt Kaufhof, have been successfully concluded after almost seven months with the implementation of an insolvency plan.
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News briefsPIF seeks 50 percent of Selfridges
Saudi Arabia’s Public Investment Fund has reportedly offered to raise its stake in the department store chain.
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ArticleDecathlon leaves Sweden, replaced by Swedish giant
A press release dated July 8 revealed the news that had been expected for several weeks: Decathlon will close its last Swedish door on July 21. The last store of the French giant will soon be occupied by a Swedish giant.
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News briefsNike implements job cuts at European headquarters
Nike is, according to Bloomberg, implementing layoffs across its European headquarters as part of a global strategy to reduce operational costs by $2 billion. The job cuts, impacting roughly 2 percent of its workforce worldwide, have already seen around 750 employees dismissed from its Beaverton, Oregon headquarters. The reduction extends ...
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ArticleGaleria's investors pledge €100 million, seek restructuring, Sunday shopping and name change
According to media reports, Galeria Karstadt Kaufhof’s new owners are poised to inject up to €100 million into the company to revamp its remaining department stores over the next two to three years. The insolvent German department store chain sees Sunday shopping as a cornerstone of its restructuring efforts, according ...
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News briefsPeloton announces major workforce reduction amid financial struggles
In a move reflecting ongoing financial challenges, indoor training platform Peloton has revealed plans to cut 15 percent of its workforce, equating to approximately 400 positions, alongside the resignation of CEO Barry McCarthy. The company’s stock price has experienced a dramatic decline, plummeting from its peak of over $160 in ...
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ArticleDecathlon closes one more store in Sweden, only has one left
Decathlon revealed plans to shut down three of its stores in Sweden, citing challenges amid the global economic climate. The closures will affect Decathlon Kungens Kurva, Decathlon Barkarby and Decathlon Uppsala, impacting a total of 72 employees. Explaining the decision, a Decathlon spokesperson stated: “The Swedish market is specific and ...
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News briefsNike’s headquarters to undergo major layoffs, impacting hundreds
Nike’s headquarters in Oregon will see significant layoffs affecting hundreds of employees by June, according to a WARN notice filed with the state of Oregon on April 19. Confirming its restructuring plans, Nike revealed that by June 28, approximately 740 employees will have been impacted by two rounds of layoffs. ...
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News briefsFormer Kaufhof owner reportedly taking over Galeria Karstadt Kaufhof
According to German business publication Handelsblatt, US investor NRDC Equity Partners is to be granted the contract to operate the 92 locations of the German department store chain Galeria Karstadt Kaufhof. NRDC is the investment company of Canadian entrepreneur Richard Baker, who also owns a majority stake in the North ...
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News briefsBoardriders is laying off more employees in California
Boardriders is dismissing 464 more workers in California, according to a notice dated Feb. 1, filed with the California Employment Development Department in compliance with the federal Worker Adjustment and Retraining Notification (WARN) Act and the California WARN Act. In the document, the company explains that the reduction is due ...
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News briefsAlibaba logistics unit Cainiao drops IPO plans
Alibaba announced that its logistics subsidiary Cainiao Smart Logistics Network Limited has withdrawn its initial public offering and listing application on the Hong Kong stock exchange. The Chinese online retailer plans to offer minority shareholders of Cainiao, including employees, the possibility to sell all their shares for $0.62 per share, ...
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ArticleTennis-Point Spain seeks new CEO
Tennis-Point Spain and its CEO, Miquel Just, agreed on Feb. 29 to sever the contract they signed exactly four years earlier, according to CMDsport. It was Just who urged Tennis-Point’s entry into Spain, with a first store in Mataró. Five more stores followed, in Barcelona, Valencia, Madrid, Alcorcón and Alfafar ...
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News briefsJD Sports’ Dutch retailers Perry Sport, Aktiesport, Sprinter now closing
Closing its final lot of Dutch retailers, JD Sports’ Perry Sport, Aktiesport and Sprinter stores will shutter on Tuesday. Curator Kees van de Meent confirmed to De Telegraaf the closure of the last six branches, operated under JD’s subsidiary Sports Unlimited Retail, which went bankrupt in 2023. While the British ...
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News briefsGaastra to cease operations for the second time in 3 years
Following the insolvency filing of the Unlimited Footwear Group (UFG), best known for producing shoes for brands such as Levi’s, Björn Borg and Gap, in early March, it became known that the Gaastra brand, which only celebrated its relaunch under UFG in 2022 after the insolvency of its previous owner, ...
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News briefsBjörn Borg takes full control of footwear line
Björn Borg announces its decision to seize full control over the design, development, and distribution of its shoe line across all markets. This strategic move follows Serve & Volley’s reorganization, prompting Björn Borg to take the reins of its footwear destiny. CEO Henrik Bunge expresses the company’s forward-looking vision, stating: ...
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News briefsBenko files for insolvency as a sole proprietor
According to media reports, the founder of Signa Holding, the Austrian René Benko, has filed for insolvency as a sole proprietor. The Austrian Financial Procurator’s Office had already filed for insolvency against Benko as an entrepreneur at the end of January. This primarily concerned debts to the Austrian tax authorities, ...
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ArticleBowflex files for bankruptcy protection, reaches stalking horse agreement
Bowflex Inc., the publicly traded fitness company, which rebranded itself from Nautilus, announced on May 3 that it has entered into a purchase agreement with Johnson Health Tech Retail, Inc. to serve as the stalking horse bidder to acquire substantially all of the assets of the company for $37,500,000 in ...
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News briefsSwedish recycler goes bankrupt
Swedish textile recycler Renewcell has been declared bankrupt by the Stockholm District Court. The company made its filing for bankruptcy on Feb. 25. Renewcell has failed to secure the capital and liquidity to complete the strategic review it announced in November 2023 and maintain operations. It had been negotiating with ...
