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.
Hyatt has announced 247 job cuts out of a total workforce of 827 people employed in three hotels in France. According to the project, 191 positions (out of 490) would be cut at the Hyatt Regency Paris Étoile (Paris), 29 out of 197 at the Martinez at Cannes and 27 out of 140 at the Hyatt Louvre (Paris). An agreement of method on the negotiation of this emploment safaguard plan was signed on 16 July. The plan provides for a voluntary scheme to switch to part-time positions in order to limit as far as possible the use of forced redundancies.
In the method agreement concluded with the group's representative trade union organisations (CFE-CGC, CGT and FO), the management highlights 'the global health crisis' (which) 'has led to a collapse in economic terms of certain sectors of activity, particularly the hotel and catering industry'. 'The short-time working measures decided by the government have made it possible to reduce financial losses in the short term', explains the group underlinining that the medium-term prospects, that is over the next 18 months, are very gloomy. And that the most optimistic hypotheses predict occupancy rates of 60/70%, the most pessimistic 30/40%. The group believes that a reorganisation, including a reduction in the wage bill, is inevitable.
Eurofound (2020), Hyatt, Internal restructuring in France, factsheet number 101875, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/101875.
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