Type
Bankruptcy
Country
Estonia
Region
Eesti; Põhja-Eesti;
Location of affected unit(s)
Tallinn
Sector
Hotel / Restaurants
Accommodation And Food Service Activities
Accommodation
55.10 - Hotels and similar accommodation

120 jobs
Number of planned job losses
Job loss
Announcement Date
15 June 2020
Employment effect (start)
15 June 2020
Foreseen end date

Description

TallinnHotels is a group that operates three hotels in the capital of Estonia. In June it announced its bankruptcy and that 120 employees would be laid off. The reason is the COVID-19 outbreak and the containment measures to stop the spread of the measure which resulted in closed borders and an instant drop in the number of tourists. The owner of the group stated that such a crisis emerging from the low-season made the business commercially non-viable.


Sources

Citation

Eurofound (2020), TallinnHotels, Bankruptcy in Estonia, factsheet number 100933, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/100933.