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 1 January 2012, German tourism and travel company TUI has announced the consolidation of its four French travel agencies and tour operators Nouvelles Frontières, Marmara, Tourinter and Aventuria with 484 job losses. This accounts for about 30% if the workforce. Affected employees will be dismissed between July October, but computer scientists could stay on until 2014.
Through the consolidation, TUI France will take over close to 900 million Euros of losses from its subsidiaries, according to media reports.
The move stirred industrial action; the employees of Nouvelles Frontières went on strike on the 8th of February to ease the number of job cuts and to increase the measures of the social plan. TUI's airline company Corsair (1,300 employees) is not affected by the restructuring.
Eurofound (2012), TUI France, Merger/Acquisition in France, factsheet number 73298, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/73298.
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