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.
Slovak state-owned rail company ZSSK Cargo goes through serious internal restructuring which will result in mass redundancies of around 1,000 people in 2021. Out of these, about 450 employees will be dismissed till the end of the first quarter of 2021. The layoffs should be finished during the second quarter of 2021. Massive job cuts are attributed to significant decrease in company's outputs in 2020 as compared to the previous years. The decrease was caused by the worldwide situation in the steel industry and by the decline of coal industry in Slovakia, with the COVID-19 pandemic worsening the situation.
At the beginning of December 2020, the company employed 4,757 people.
Previous case of job reductions was announced in October 2020 (490 dismissals).
Update on 15/6/2021: The company improved its performance in January-May 2021 and reduced the number of redundant employees from planned 442 to 360.
Eurofound (2021), ZSSK CARGO, Internal restructuring in Slovakia, factsheet number 103300, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103300.