Type
Internal restructuring
Country
Czechia
Region
Location of affected unit(s)
NA
Sector
Transportation / Storage
Land, Water And Air Transportation
Land Transport And Transport Via Pipelines
49.2 - Freight rail transport

450 - 500 jobs
Number of planned job losses
Job loss
Announcement Date
11 December 2012
Employment effect (start)
Foreseen end date
31 December 2012

Description

ÄŒD Cargo, a Czech freight rail carrier, is to dismiss 450 workers by the end of 2012 and is considering up to 2,200 redundancies in 2013.

The restructuring plan for 2013 is yet to be discussed with the trade union and to be approved by the General Meeting. Redundancies are associated with a loss amounting to over CZK 230 million (EUR 9.2 million) in 2012. According to media reports, the company is on the brink of insolvency.

Currently, the firm employs roughly 9,500 people.


Sources

  • 11 December 2012: Hospodárske noviny
  • 11 December 2012: MF Dnes

Citation

Eurofound (2012), ÄŒD Cargo, Internal restructuring in Czechia, factsheet number 74624, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74624.