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 18 October 2011 the luxury hotel Ritz in Paris announced to cut its workforce by 450 by early summer 2012. This results from the decision to launch a comprehensive twenty-seven month renovation to upgrade the hotel facilities.
The market for luxury hotels in Paris is becoming increasingly competitive with new entrants (e.g. Shangri-La, Mandarin Oriental) and major renovation by other competitors (Royal Monceau). The management will keep 30 employees to manage the hotel during the renovation period and to prepare the reopening.
The management will launch a social plan and decide, contrary to other examples of renovations, not to use partial unemployment (i.e. chomage partiel). The job cuts will be implemented through external mobility, voluntary redundancies and compulsory redundancies.
Eurofound (2011), Ritz Paris, Internal restructuring in France, factsheet number 72595, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72595.
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