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.
Travel company Thomas Cook is to cut as many as 2,800 jobs. The firm, which currently employs 18,500 poeple, recently completed a 2.8 billion GBP merger with rival MyTravel, saying the deal would help the firms cut costs. 150 stores and 6 offices will be affected by the decision. Sites in Rochdale, Birmingham, and Manchester are among those to close. Thomas Cook said that it would look to find jobs elsewhere in the firm 'where possible' for the affected workers. 'As many as possible of those whose roles are potentially affected by today's news will be offered the opportunity for redeployment within the business,' said Manny Fontenla-Novoa, the company's joint chief executive. 'We will do everything we can to support those employees who are affected through the next few months.' Chris Fletcher, policy director at Greater Manchester Chamber of Commerce called the move a 'blow for Greater Manchester and Rochdale in particular'. 'MyTravel is a major employer in the area and has had a long-standing association with the area for over 30 years,' he said.
Eurofound (2007), Thomas Cook, Internal restructuring in United Kingdom, factsheet number 65551, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65551.
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