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.
Telecommunications multinational company, based in Spain, Telefónica has announced a workforce reduction plan in its subsidiaries in Spain that will affect between 2500 - 4,000 workers (14-22% of the workforce). The company argues that this cost-cutting strategy is necessary in view of the difficulties of the sector in Spain due to falling revenues as a result of increased competition. The company plans to make the adjustment through voluntary redundancies and early retirements. Thus, the adjustment will affect employees over 54 years of age. In any case, the number of affected employees will be modified during the negotiation process between the management and the trade unions. UGT union stated that the company should focus on competitiveness and revenue growth instead of permanent cost reduction through workforce adjustment. This announcement comes after its collective redundancies plan of 2019 and the business expansion of the company in 2021. The restructuring is expected to start being effective during the beginning of 2022.
Eurofound (2021), Telefónica, Internal restructuring in Spain, factsheet number 106012, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/106012.
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