EMCC European Monitoring Centre on Change

FNG

Company/Organisation:
FNG

Geographic Location

Country: Belgium
Region: Arr. Aalst; Prov. Oost-Vlaanderen; Vlaams Gewest

Company

Sector: Retail
Wholesale and retail trade; repair of motor vehicles and motorcycles
47.51 - Retail sale of textiles in specialised stores
Group: FNG

Employment Effects

Announcement Date: 22-06-2020
Planned Job Reductions min: 287
Type of Restructuring: Internal restructuring
Employment Effect Start: 30-06-2020

Additional Information

FNG, the largest Belgian chain of clothing and shoe retail stores, has announced dismissals in several of its subsidiaries. Most affected are the following retail stores  -  Brantano (153 jobs), Concept Fashion Store XL (14), FNG International (63) and Fred & Ginger Retail (46). In total about 47 retail stores are at risk of closure as well as employees at the FNG offices. Around a quarter of group employees may be affected. According to the company management, the restructuring measures are needed in order to safeguard the future of the company in the long term. Trade unions are currently negotiating with the mangement in order to discuss the extent of the dismissals. They are however worried if more large dismissal rounds will follow in the future. They state that the current COVID-19 crisis has had a significant impact on the company, but more structural problems are also present. The group will seek temporary protection from creditors while it negotiates restructuring in some of its retail affiliates.  

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