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.
The Hungary based airline Wizz Air Group will reduce its global workforce by 1,000, that is, about 19% of its staff, as a response to the near-total stop of passenger flights caused by the COVID-19 emergency. The company will also reduce wages by 14-22%. Many employees will be put on unpaid leave.
There is no information, so far, about how many employees and in which locations will be affected by the global restructuring. In Hungary, where the company is based, according to the legislation, employers must consult with the works council in case of a mass layoff. But there is neither a works council, nor a trade union at Wizz Air.
At present, the firm operates at only 3% of its capacity, and this is partly due to the operation of some cargo flights, something the firm has never done before. The company’s financial standing is stable, thanks to its ample liquidity reserves. The management remains confident about the longer-term prospects of the company.
Eurofound (2020), Wizz Air , Internal restructuring in World, factsheet number 100369, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/100369.
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