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 supervisory board of Casinos Austria announced a cost-cutting package 'reFit', which includes the reduction of 500 jobs across the country. Next to the job cuts, the package includes salary cuts and closure of unprofitable casinos. The package aims to save around €40 Million and has been initiated to tackle the estimated losses of €65 Million in 2020, caused by the smoking ban and the COVID-19 related shutdowns.
Employee representatives deem the estimation to be too high and will propose avoidance of job cuts by reduction of working hours. The union has criticised the supervisory board for excluding the workers council from the cost-cutting plans. The management has, however, defended the programme and explained that it will save 1,200 positions.
The Casinos Austria is held to 55% by the Czech Sazka Group, and to 33% by the Austrian State and Industrial Holding.
Update 29/09/2020
After an announcement of 600 possible redundancies on 23 September, Casinos Austria finally confirmed that 350 job cuts will actually be lost, as of 29 September. This is the result of lengthy negotiations and various attempts to save some of the jobs at risk.
Eurofound (2020), Casinos Austria, Internal restructuring in Austria, factsheet number 101427, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101427.
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