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 part of the global closure of taxi app company, Beat, announced a consequent 100 job cuts at its Amsterdam office. Of the global company workforce, the 100 employees have been employed in Amsterdam to develop and maintain the app. The lack of profitability for shareholder expectations, unfavourable market conditions and internal turnover are all cited as reasons for the discontinuation of Beat. Social partners have not been referenced in this closure process, however the company has stated internal processes are in place to help employees transition to partner companies, such as Free Now.
Founded in 2011 in Greece, Beat was acquired by Mercedes-Benz Group in 2017 for €40 million. Subsequently, the Group entered a joint venture with BMW to create a platform division, Free Now, where Beat merged with other brands to join the platform division. According to the company, 26 million customers and 800,000 drivers have used the platform to date.
The global restructuring has previously been recorded in the ERM Events database in 2022 (Beat-2022-WO).
Eurofound (2022), Beat, Closure in Netherlands, factsheet number 107760, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/107760.