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 supervisory board of Casinos Austria announced a cost-cutting package 'reFit', which includes the reduction of 500 jobs across the country. Next to the job cuts, the package includes salary cuts and closure of unprofitable casinos. The package aims to save around €40 Million and has been initiated to tackle the estimated losses of €65 Million in 2020, caused by the smoking ban and the COVID-19 related shutdowns.
Employee representatives deem the estimation to be too high and will propose avoidance of job cuts by reduction of working hours. The union has criticised the supervisory board for excluding the workers council from the cost-cutting plans. The management has, however, defended the programme and explained that it will save 1,200 positions.
The Casinos Austria is held to 55% by the Czech Sazka Group, and to 33% by the Austrian State and Industrial Holding.
Update 29/09/2020
After an announcement of 600 possible redundancies on 23 September, Casinos Austria finally confirmed that 350 job cuts will actually be lost, as of 29 September. This is the result of lengthy negotiations and various attempts to save some of the jobs at risk.
Eurofound (2020), Casinos Austria, Internal restructuring in Austria, factsheet number 101427, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/101427.
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...
The more employee monitoring resembles surveillance – with its systematic, continuous and detailed tracking of employees' activities, behaviours or communications – the greater the potential for infringement of both privacy and data protection rights. Although the EU General Data Protection...
Since 2013, Eurofound's ERM database on restructuring-related legislation has been documenting regulatory developments in the Member States of the European Union and Norway which are explicitly or implicitly linked to anticipating and managing change. The most recent update to the...
