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 Europe’s largest travel group TUI has announced a plan to permanently cut costs by 30% to tackle the COVID-19 pandemic defining it as 'the greatest crisis the industry and TUI has ever faced'. The reorganisation will lead to 8,000 job cuts worldwide (10% of workforce) on a total of 71,470 employees. TUI lost €740 million in the first three months of 2020 and is requiring a rapid German state bailout; the company lost money since it had to cancel most of its holiday services until June.
TUI is reviewing its business to identify areas to cut and could pull out of entire markets or destinations. Cuts to its airline were highly probable and it would 'divest and address' unprofitable businesses. Two previous worldwide restructuring were recorded with 3,600 job cuts in 2006 and 1,000 in 2003. In 2018, 150 jobs have been cut in Nordic countries.
Eurofound (2020), TUI, Internal restructuring in World, factsheet number 100700, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100700.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
