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.
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.
Eurofound (2007), O2, Internal restructuring in Germany, factsheet number 65644, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65644.