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.
Viajes El Corte Inglés, the travel organizing and booking subsidiary of the Spanish-based retail group El Corte Inglés (one of the largest in the country), has announced a collective redundancies plan affecting 620 workers. The most affected by the redundancies will be the business department, which has suffered the most in terms of turnover during the pandemic (a 63% reduction). Currently, 4,500 of its 5,000 employees are affected by temporary lay-off schemes. This announcement comes after the company merged with Logitravel, creating a joint venture with a turnover of more than 3.5 billion, in which Viajes El Corte Inglés will own 75%.
Update 15/02/2022: After days of negotiation with unions, the Management has announced a reduction in the number of affected workers from the initial 620 to 549 (almost 10% of the workforce). The company's first offer is that the severance pay will be 25 days per year worked up to 15 monthly payments for voluntary leaves, while the legal minimum may be applied to non-voluntary leaves. Workers from any department will have the chance to accept the plan, not only the business department as it was previously agreed.
Update 21/02/2022: Against the initial proposal of dismissing 620 workers, which was later lowered to 549, new negotiations between the company and unions have led to a new agreement on job reductions. This new agreement sets the figures for dismissals on 475 workers. Moreover, conditions offered by the company have improved; the severance pay increases to 33 days per year worked, and up to 20 monthly payments. The business department will be given priority, but employees in other departments are also allowed to accept the plan.
Eurofound (2022), Viajes El Corte Inglés, Merger/Acquisition in Spain, factsheet number 106353, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/106353.
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