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.
The Hungarian subsidiary of US-based car rental company Avis Budget Group will dismiss between 400 and 430 employees from its Budapest service centre. The layoffs are the direct result of the plunge of business revenues, due to the coronavirus epidemic, since the car rental business is one of the areas that took a particularly hard hit from the pandemic. The affected employees were first notified by email, later by telephone calls from the HR department. The firm offered them small-group consultation about the layoff procedure. Before the restructuring, the firm had more than 1,200 employees, which means that the firm cuts its workforce by one-third. There is no information about the timeline of the dismissals.
The company expressed its intention to help affected employees to overcome the crisis, but no specific course of action was mentioned.
Eurofound (2020), Avis Budget Group, Internal restructuring in Hungary, factsheet number 100374, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100374.