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.
Gatwick Airport, the UK’s second largest airport has announced that it will start consultations about a proposed restructure, which includes plans to cut 600 jobs, about a quarter of its workforce.
The chief executive said the cuts were necessary to reduce the company’s costs in the wake of the COVID-19 crisis, which had 'devastating impacts' on the airline and travel industries. The airport has faced a 80% reduction in passenger numbers.
A representative of the trade union Unite said the plans were a 'bitter blow' and criticised the government for not supporting the aviation sector, despite promising to do so.
In March, the airport announced that it would cut 200 jobs. Currently 75% of its workforce are on the Coronavirus Job Retention Scheme, which will end in October. Before the COVID-19 pandemic, Gatwick Airport provided employment to over 30,000 people, including people working for baggage handling companies and retailers located at the airport.
Eurofound (2020), Gatwick airport, Internal restructuring in United Kingdom, factsheet number 101938, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/101938.
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