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.
Cancer Research UK, the British cancer research and awareness charity, has announced plans to cut 500 jobs, a quarter of its workforce, in the next three years to compensate for the loss of income due to the COVID-19 pandemic. A large part of these dismissals, up to 345 people, will take place in the next six months.
The charity said in a statement that it had to 'significantly reduce how much it spends on … the number of staff' because it expects that the COVID-19 pandemic will reduce its income from fundraising by £300 million (€ 330 million as at 17 August 2020) by 2023.
The management added that planning such a large-scale internal restructuring was a choice made with a 'heavy heart', and that the charity had made significant efforts earlier in this year to attempt to prevent this outcome, including furloughing 60% of its workforce.
Cancer Research UK was established in 2002. It aims to reduce the number of deaths caused by cancer in the UK. It is one of the highest earning fundraising charities in the UK.
Eurofound (2020), Cancer Research UK, Internal restructuring in United Kingdom, factsheet number 101515, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/101515.
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