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.
As announced on 4 August 2020, Frankfurt Airport operator Fraport will cut between 3,000 and 4,000 jobs in Frankfurt due to internal restructuring. The COVID-19 crisis has hit Fraport hard, as passenger volume between April and June 2020 was 94.4% lower than in the previous year. Furthermore, sales dropped by half to €910 million with a net loss of €231,4 million. The management expects a recovery to a pre-Covid-19 standard in two to three years, making a job reduction necessary.
According to Fraport, compulsory redundancies are to be avoided, however, they are not excluded. Job cuts will mainly be accomplished via natural fluctuation and other socially acceptable measures.
Currently, Fraport has 22,000 employees.
UPDATE 04/11/2020:
As announced on 4 November 2020, Fraport is cutting 4,000 jobs. 1,600 employees will leave the company via a voluntary programme, 1,600 employees will leave the company via natural fluctuation and another 800 employees are in negations regarding their leave.
Eurofound (2020), Fraport, Internal restructuring in Germany, factsheet number 101524, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101524.
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