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.
Virgin Atlantic , the UK-based airline has announced plans to cut 1,150 jobs in the UK, in addition to the 3,150 redundancies announced since the start of the COVID-19 pandemic. The company will put further 600 cabin crew on temporary paid leave (‘furlough’) from October, when the UK government funded scheme ends. Consultations with the pilots' union Balpa and the Unite union have already started.
The company’s chief executive said the redundancies were 'heartbreaking', but necessary to ensure its survival as international travel was recovering more slowly than predicted, with many travel restrictions still in place.
The trade union Unite union said the growing number of job losses was due to the UK government not providing support to the aviation sector, which is of key importance to the British economy.
The announcement about the job losses came after it was reported that the company had successfully sought a bailout from its creditors. Despite the successful bailout, aviation industry experts said that the company’s future is uncertain beyond the next 18 months.
Eurofound (2020), Virgin Atlantic, Internal restructuring in United Kingdom, factsheet number 101951, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/101951.
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