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.
Terra Lycos, internet portal owned by the Telefonica group, will shed 159 of its 2,300 strong workforce in 2004. The company has announced, on 7 June 2004, a final job reduction plan in agreement with the labour representatives. The company will relocate 30 of the 159 of the employees in other centres of the Telefónica Group and will try incentivated dismissals with the 129 left. The measure will cost 8 million euros. The agreed job reduction plan will have to be definitely accepted by the regional authorities. Terra Lycos had already reduced its workforce by 600 in 2003.
Eurofound (2004), Terra Lycos, Internal restructuring in World, factsheet number 59829, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/59829.