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.
Holiday provider Lowcost Travelgroup has gone into administration, causing the loss of all 451 jobs associated with the company. The company had been running since 2004, providing low cost flights and accommodation. The majority of these jobs are based in Poland, with 120 in Crawley and the rest in Switzerland and Majorca.
The abrupt bankruptcy has been blamed on interplay of four factors; competition, the UK’s EU referendum, the strengthening of the Euro against the pound, and the threat of terrorism. The firm has already ceased trading, with customers abroad and that have made bookings (27,000 and 11,0000 respectively) advised to seek compensation; 60% of these customers are British nationals. The company had a turnover of £500 million (EUR 596 million) last year. The company moved to Spain in 2013, such a move entailed that their customers were no longer under the Civil Aviation Authority’s (CAA) Atol protection scheme.
Eurofound (2016), Lowcostholidays, Bankruptcy in World, factsheet number 88230, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88230.
Eurofound’s ERM restructuring legislation database offers an overview of key restructuring-related regulations in the EU Member States and Norway. Its content is continuously updated to reflect any changes made by national legislators in response to, for instance, policy shifts, legal...
Can Europe still achieve its ambitions for battery manufacturing? To answer this, the article looks at data from Eurofound’s European Restructuring Monitor and explores what recent large-scale restructuring events reveal about the state of play in the EU battery sector.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
