Restructuring events
European Restructuring Monitor (ERM)
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.
Due to the effects of the outbreak of the coronavirus, Nordic Choice Hotels, one of the largest hotel chains in Scandinavia, plans to dismiss up to 4,500 employees in Sweden, which is approximately half of its staff. In addition, up to 3,000 employees working at hotels outside of Sweden, mainly in Norway and Denmark, are also at risk of losing their jobs. According to the company, these measures are needed as the booking rates have reached an all-time low in March 2020 and the economic consequences of COVID-19 are likely to have a significant impact on the summer holiday season as well.
The company seeks to find ways to keep its personal and for instance 500-600 of them are currently temporarily employed by PostNord, a Nordic post operator. The company stresses the need for governments to provide more direct financial aid for companies affected by the coronavirus instead of creating payment arrangements that simply postpone payments.
Nordic Choice Hotels owns over 200 hotels in the Nordics. Hotel chains such as Clarion and Quality are part of Nordic Choice Hotels.
Eurofound (2020), Nordic Choice Hotels , Internal restructuring in Sweden, factsheet number 100096, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100096.
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