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.
Travel agency Thomas Cook announced its intention to cut between 100 and 150 jobs in Belgium.
The company has many offices and the headquarters in Belgium. The "Renault procedure" was launched and the negotiations between the unions and the management were started in order to decide where the jobs will be cut.
According to the management, this decision for cuts comes from the need to increase the company's efficiency and improve its financial results; the unions claim that the Belgian branch of Thomas Cook is no less profitable than before.
Eurofound (2012), Thomas Cook Belgium, Internal restructuring in Belgium, factsheet number 74070, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74070.