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 Wholesale And Retail Trade And Repair Of Motor Vehicles And Motorcycles Wholesale And Retail Trade And Repair Of Motor Vehicles And Motorcycles 45 - Wholesale and retail trade and repair of motor vehicles and motorcycles
450 jobs Number of planned job losses
Announcement Date
14 April 2016
Employment effect (start)
14 April 2016
Foreseen end date
16 April 2016
Description
Electroniki, one of the biggest chains of electrical stores in Greece, has become bankrupt and 450 employees are now jobless.
Electroniki announced on April 13th2016 that it was entering a bankruptcy procedure following a decision of Athens First Instance Court. The company has faced many commercial problems over the last few years after its attempt to expand its business activities in Greece, Cyprus and the Balkans. The following day, its 45 stores across Greece suspended operation and 450 employees were made jobless. The company, which has operated in Greece for 66 years, attributes the closure to the imposition of capital controls last summer in Greece and the consequent restriction of consumers' purchasing power.
Sources
14 April 2016: Kathimerini
14 April 2016: Ethnos
Citation
Eurofound (2016), Electroniki, Bankruptcy in Greece, factsheet number 86992, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86992.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
