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 airline operator EasyJet has announced 4,500 job cuts (about 30% of its workforce) due to a lower customer demand related to the Covid-19 crisis. The company expects passenger demand to return slowly, reaching only 30% of capacity in the final quarter of 2020 compared with the final quarter of 2019. EasyJet does not expect demand to reach 2019 levels for about three years. The airline employs 15,000 people and will start a consultation process with staff in the coming days. It is based in Luton (UK) but has several homebases across the EU where job cuts are expected. EasyJet will reduce its fleet of aircraft to 302 planes, 51 fewer than it had planned ahead of the outbreak of Covid-19. Il will also try to reduce costs by revising its contracts with airports and ground handling companies, reassessing its maintenance and marketing costs.
Eurofound (2020), EasyJet, Internal restructuring in European Union, factsheet number 100767, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100767.
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