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.
Spanish savings bank, Caja3, a group formed by the merger of Caja Circulo de Burgos, Caja Badajoz and CAI, will cover 93% of the job cuts of its workforce through voluntary redundancies, in the frame of a redundancy procedure agreed with the unions.
The period of voluntary subscription to the plan ended on 24 May 2013. 477 volunteered for layoffs, of which 417 were through incentive exit packages and 60 through temporary suspensions. The exits have started to take place, with 160 staff leaving the company so far.
The company intends to close 52 branches, of which 23 are in Aragon, 15 in Castilla y Leon and 14 in Extremadura. Once this restructuring is complete, the firm will be absorbed by Ibercaja.
Eurofound (2013), Caja3, Closure in Spain, factsheet number 75457, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75457.
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