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.
Cypriot national carrier Cyprus Airways (CY) handed unions the outline of a rescue plan which includes pay cuts and 140 redundancies. The plan also envisages the rationalisation of flight schedules and scrapping of loss-making flights, reductions in overtime, and a freeze in new hires.
The implementation of the rescue plan is expected to yield savings of 42 million (30 million through rescheduling of flights and 12 million through reduction in labour costs, of which 7 million from cuts in wages and 5 million will come from redundancies).
The government also intends to inject 20 million to assist CY, as a compensation for the extra cost incurred by the airline since 2004 due to a ban of using Turkish airspace.
Cyprus Airways rescue plan is implemented only a few months after the closure of another state-owned air flight company Eurocypria. It is the second rescue plan for CY after the restructuring in 2006 which led to the redundancy of about 380 workers.
Eurofound (2011), Cyprus Airways, Internal restructuring in Cyprus, factsheet number 71517, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71517.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
