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.
SkyEurope, a low cost airline firm, is to close its site in Budapest with the loss of 110 jobs. The decision marks the firm's exit from the Hungarian market, and Budapest will not be offered as a flight destination by the firm in future. A company spokesman stated that some of the airline's employees in Budapest would be offered jobs at the firm's sites abroad, and also added that the firm's activities in Budapest would end by 27th October 2007.
SkyEurope cited unfavourable economic conditions, high taxes, and a significant decrease in the pool of potential customers for the move, and also stated that the strong seasonal cycle (the tendency for the autumn and winter to see very few passengers compared to the summer) had affected the decision. A company spokesman also stated that in the future the firm is to concentrate on services in Vienna and Prague instead.
Eurofound (2007), SkyEurope, Closure in Hungary, factsheet number 65791, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/65791.
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