Type
Internal restructuring
Country
Germany
Region
Bayern; Oberbayern; München
Location of affected unit(s)
Munich
Sector
Information / Communication
Information Communication Services
Telecommunications
61 - Telecommunications

700 jobs
Number of planned job losses
Job loss
Announcement Date
23 July 2007
Employment effect (start)
23 July 2007
Foreseen end date
30 June 2008

Description

On 23rd July 2007, the telecommunications provider O2 announced that it is to cut 700 jobs in Germany. Most of the jobs will be lost at the firm's German headquarters in Munich. The job cuts are part of the firm’s programme to cut costs. Telefónica, the Spanish holding company of O2, has stated that it seeks to save 110 million EUR through the job cuts. O2 proposes to offer compensation payments and cancellation agreements to affected employees as part of the redundancy scheme. O2 employs 4700 in Germany.


Sources

  • 24 July 2007: Financial Times Deutschland
  • 24 July 2007: Handelsblatt

Citation

Eurofound (2007), O2, Internal restructuring in Germany, factsheet number 65644, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65644.