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.
The Tyrolean, family-run glassware and jewellery producer Swarovski is to cut further 150 jobs from a total of about 5800 posts at its headquarters in Wattens within the next few weeks. This was announced by management on 8 February 2009. The company comprises the brands Tyrolit, Swareflex, Signity and Swarovski Optik. The planned job reductions are due to ‘the current market situation which has become even more awkward recently', it was said. In particular, the order situation has worsened in 2009 compared to the anyhow difficult previous year. Swarovski already reduced its workforce by 750 employees last year. In addition, 200 vacant positions were not filled in 2008. Moreover, management is planning to relocate parts of its production facilities to the Czech Republic and China within an indefinite time period, which is expected to affect further workers. All of the 150 employees affected by the most recent redundancies will be entitled to enter a regional re-employment scheme.
Eurofound (2009), Swarovski, Internal restructuring in Austria, factsheet number 68262, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68262.