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.
The shipping giant P&O, under increasing pressure from low-cost airlines and the Channel tunnel, today revealed plans to cut additional four ferry routes and cut its workforce by 1,200.
Most of the jobs are expected to go at P&O's Portsmouth, Dover and Calais operations. The company said the overhaul - which will reduce the number of ships it operates from 31 to 23 - will save around £55 million a year. The cuts, which apply to ferry routes across the western Channel, will leave only one boat operating the route between Portsmouth and Bilbao, Spain. The number of ships on P&O's busy Dover-Calais route will be cut from seven to six. These measures are in addition to the job cuts announced in November 2003 and March 2004 which together also totalled 1,200.
Eurofound (2004), P&O, Internal restructuring in United Kingdom, factsheet number 60543, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60543.