Company/Organisation:
New Balance
Geographic Location
Country:
European Union
Location of affected unit(s):
Spain, Portugal
Company
Sector:
Retail
Wholesale and retail trade; repair of motor vehicles and motorcycles
47.72 - Retail sale of footwear and leather goods in specialised stores
Employment Effects
Announcement Date:
28-12-2021
Planned Job Reductions min:
500
Planned Job Reductions max:
2000
Type of Restructuring:
Closure
Employment Effect Start:
01-01-2022
Direct Dismissals:
500
Other Job Reduction Measures:
1500
Additional Information
US-based sportswear brand New Balance has announced that it will cut over 500 jobs in Spain and Portugal in 2022. The company is closing its physical stores in the countries to focus only on selling through the internet. Currently, the brand has 22 stores in the two countries. The company is also planning to centralise all the European operations in the Netherlands, so the decision will lead to the closing of the company’s Iberian distribution subsidiary, Alfico. This will affect another 1,500 jobs in about 30 companies that supply services to New Balance.
New Balance was founded in 1906 in the United States. In 2021, the company employed about 7,000 people worldwide.
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