Note 8 - Restructuring costs
2020
In 2020, restructuring costs amounted to €55 million and chiefly related to the implementation of streamlining programmes and cost reduction plans in the operating divisions, as follows:
- €36 million at Lagardère Travel Retail relating mainly to restructuring and layoff measures introduced following the closure of points of sale in regions affected by health restrictions, and to the discontinuation of on-board sales activities;
- €10 million at Other Activities, resulting partly from the ongoing cost-cutting plan at Lagardère News and partly from restructuring measures following the slump in trading due to the health crisis;
- €9 million at Lagardère Publishing relating to the streamlining of distribution centres in the United Kingdom.
2019
In 2019, restructuring costs amounted to €42 million and chiefly related to the implementation of streamlining programmes and cost reduction plans in the operating divisions, as follows:
- €15 million at Other Activities in connection with the implementation of a redundancy plan within the Group’s Corporate function as from end-2019;
- €14 million at Lagardère Travel Retail including integration costs related to the acquisition of the Hojeij Branded Foods (HBF) group at the end of 2018 as well as concept store closure costs;
- €12 million at Lagardère Publishing primarily relating to the streamlining of distribution centres in the United Kingdom.