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.
Virgin Atlantic, the UK-based airline has announced plans to cut 3,150 jobs in the UK, which represents one third of its workforce. The compulsory redundancy consultations have already started. The restructuring plans were prompted by the Covid-19 pandemic and the travel restrictions introduced in its wake. The company will also close all of its activities at London's second airport, Gatwick International.
Virgin Atlantic’s chief executive said that in order to save jobs, the company had to reduce its operating costs. Responding to the announcement, representatives of Balpa, the pilots' union said that the plans were "devastating" and the union will challenge the company’s proposal.
In February, before the pandemic reached the UK, the company operated 258 transatlantic flights each week. British Airways and Ryanair have also announced large scale redundancies.
The company had sought a bailout from the UK government but it was reported that this bid was hindered by the fact that US airline Delta Air Lines, which owns 49% of the company, had not injected more money, and that its British billionaire owner, Richard Branson, is not resident in the UK for tax purposes.
Eurofound (2020), Virgin Atlantic, Closure in United Kingdom, factsheet number 100962, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100962.
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