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.
As announced by the Tallink Group (a group operating mainly in the sea transport sector), 100 employees of its subsidiary company TLG Hotels will be dismissed. The dismissals also affect around 30 employees of hotels in Latvia. The hotels were closed as a result of the COVID-19 containment measures, which strongly affect tourism and accommodation needs.
The Estonian Unemployment Insurance Funds provides a temporary wage subsidy to companies whose turnover and workload have decreased to prevent dismissals. This measure will be used by Tallink Group in the case of all other employees in the group. However, as the impact of the crisis is long-standing, for the TLG Hotels, the dismissals are not avoidable even when using the support measures provided by the government.
Update, 12.06.2020:On 3 June 2020 it was announced that the hotel chain will dismiss additional 60 employees. The management decided to initiate renovations in the Tallink City Hotel, which is currently closed due to the coronavirus pandemic. The renovations of the building will start in September 2020. This means that the hotel will remain closed at least until the next summer and all employees working at this site will be dismissed.
Update, 11.09.2020:On 2 September, TLG Hotel announced the dismissal of the 225 employees currently working for the chain, in Estonia. The decision is part of the restructuring programme of Tallink Group.
Eurofound (2020), TLG Hotell, Closure in Estonia, factsheet number 100236, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100236.
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