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.
Savoy, one of the most emblematic hotels on Madeira Island has announced its closure with the collective dismissal of approximately 100 workers. The closure of the hotel and the job losses took effect from 15th May 2009. The 5 star hotel, Classic Savoy in Funchal, nearly one hundred years old, will be demolished. Management will fully discharge the legal arrangements and give to the workers the financial and social conditions to which they are entitled.
Eurofound (2009), Savoy, Closure in Portugal, factsheet number 69025, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69025.