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.
Airline company Ryanair announced the closure of its base in Faro, even though it intends to continue flight operations to and from Faro as usual. The restructuring event is expected to be completed in January 2020 and it is planned to create dismissals for 100 employees. The company blames the decision to internally restructure on the impact of Brexit, rising fuel prices and delayed delivery of aircrafts. According to management, the company reported a 21% decline in its profit for the first half of the fiscal year, compared to the same period from last year.
A union representative claims that the announcement coerces employees into avoiding any strikes, as the latter could be used as justification for the closure itself. However, a spokesperson for the company stated that the decision follows the company's intention to reduce or to close bases, declared on 16 July.
Eurofound (2019), Ryanair, Closure in Portugal, factsheet number 98363, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98363.
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