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.
Administrative Services Rental And Leasing Activities Rental And Leasing Of Motor Vehicles 77.11 - Rental and leasing of cars and light motor vehicles
200 jobs Number of planned job losses
Announcement Date
15 February 2006
Employment effect (start)
Foreseen end date
Description
Car rental firm Avis Europe planned to cut around 200 jobs as it grapples with tough competition. Europe's biggest car rental firm said most of the job losses would be at its European headquarters and in its UK and German operations. 'This has been a difficult decision, but necessary to ensure that we deliver on the goals set out in our recovery strategy and put Avis on the right track for the future,' Chief Executive Murray Hennessy said in a statement. In a further drive to cut costs Avis, which operates under its own name and the Budget brand, said it would renegotiate and exit certain non-fleet supplier contracts in telecoms, systems, transportation and professional services. Avis said the restructuring would generate anticipated savings of around 7 million (£4.8 million) in 2006, 25 million in 2007 and 30 million per year thereafter.
Sources
15 February 2006: Yahoo Finance Website
Citation
Eurofound (2006), Avis, Internal restructuring in European Union, factsheet number 62961, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62961.
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