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.
Cisco, a US-based IT multinational has announced it will dismiss around a quarter of its Belgian workforce. The customer support facility in Machelen is closing which will lead to 124 employees losing their jobs. The restructuring measure frames larger global austerity measures by the company. It intends to reduce its costs by reducing 7% of its total global workforce. The dismissals aren't the first ones in Belgium, in February already 25 Belgian employees were dismissed. The obligatory consultation and information phases have been initiated, as prescribed by the Renault Law.
Eurofound (2024), Cisco, Internal restructuring in Belgium, factsheet number 201948, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201948.