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.
Finnish passenger airline Finnair has started the consultation process over the dismissal of up to 1,000 employees. Cabin staff and pilots will not be affected by this plan. The company laid off temporarily almost all its employees in the spring of 2020; now it plans to make some layoffs permanent. According to Finnair, these dismissals are needed due to the lasting impact of the COVID-19 on the sector. The company estimates that air transport will return to previous level within two to three years.
Finnair expects that the restructuring will generate savings worth €100 million. During the second quarter of 2020, the company’s operating loss was €174 million.
The Finnish state owns 56% of the shares and it has supported Finnair by guaranteeing its company loans. Tytti Tuppurainen, the Minister for Ownership Steering argued that the state is committed to helping Finnair to overcome the crisis.
Update 22 October 2020: Finnair has concluded co-operation negotiations and will dismiss 600 employees in Finland. The temporary lay-off of the majority of its employees continues. In addition, a total of 100 employees working in other countries will dismissed.
Eurofound (2020), Finnair, Internal restructuring in Finland, factsheet number 101557, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101557.
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