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.
Crystal glass producer Swarovski has announced 200 job cuts at its headquarter in Wattens, Tyrol. The employees will be in short time work till the end of September 2020. Worldwide, a total number of 600 jobs will be cut. Swarovski has named the declining demand of luxury goods due to the COVID-19 crisis as reason for the job reductions. They expect a decline in turnover for 2020 and a slow recovery in the following years. The union PRO-GE has criticised the job cuts sharply, especially as the company currently makes use of short term work support.
Update 8/09/2020: Crystal glass producer Swarovski has finally settled on a total number of 1,600 job cuts at its headquarter in Wattens, Tyrol. 1,000 employees will be dismissed in autumn 2020, while 600 more jobs are to be cut over the period 2021-2022. After heavy discussions on the reduction plans, a convention of 75 family members, who are shareholders, has finally agreed on a restructuring plan. At the end of 2022, the number of employees in Wattens will be reduced to 3,000 - resulting in a total number of 1,800 job cuts compared to the beginning of 2020.
Eurofound (2020), Swarovski, Internal restructuring in Austria, factsheet number 101191, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101191.
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