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.
NetEnt, the Swedish online gaming company, has announced 284 layoffs in Qormi.
The news follows the NetEnt acquisition by Evolution Gaming Group.
General Workers Union (GWU) intervention allowed to save 40 employees, in comparison with the initial 324 layoffs set by NetEnt. Moreover, GWU managed to secure a better severance package for those made redundant.
NetEnt's layoffs, who employs around 1,000 people worldwide, are part of a cost reduction plan, that aims to save €30 million. Finally, a further 60 employees are also expected to be absorbed by gaming and financial services operators in Malta.
Eurofound (2020), NetEnt, Merger/Acquisition in Malta, factsheet number 102970, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102970.
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