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.
In the context of intensified competition within Austria's mobile phone market, the country's third largest mobile phone provider, One, announced the dismissal of 225 of its 1,104 employees within the next months. The workforce concerned by the restructuring is not yet specified, and should be by the end of June 2004. According to management, the savings done in labour costs will be allocated to the marketing department. The company's CEO, Jorgen Bang-Jensen, indicated that a social plan for the employees concerned is being worked out. Moreover, it is planned to set up a special fund for hardship compensation financed by parts of the managers' salaries.
Eurofound (2004), One, Internal restructuring in Austria, factsheet number 60353, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60353.