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.
Região Autónoma da Madeira; Região Autónoma da Madeira; Região Autónoma da Madeira
Location of affected unit(s)
Funchal
Sector
Hotel / Restaurants Accommodation And Food Service Activities Accommodation 55.1 - Hotels and similar accommodation
110 jobs Number of planned job losses
Announcement Date
1 July 2015
Employment effect (start)
1 July 2015
Foreseen end date
Description
Five-star Regency Palace hotel is to close and more than 110 workers will lose their jobs. Company's debts estimated at 40 million euro are the main reason given for the dismissals. The hotel's executive has issued a statement saying that they did what they could to avoid the closure and deploring the "highly negative decision" of the creditor banks for Madeira tourism image. Workers will receive nine thousand euro from the Wage Guarantee Fund and will be in a position to claim compensations to be paid through the sale of the estate.
Sources
1 July 2015: Jornal de Notícias
Citation
Eurofound (2015), Regency Palace, Closure in Portugal, factsheet number 83914, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/83914.
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