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.
The Spanish seafood processing company Nueva Pescanova has presented an Employment Redundancy Plan (ERE) for approximately 100 of the 335 employees working in the company’s corporate headquarters in Redondela, Pontevedra.
The reason behind the internal restructuring can be attributed to the recent losses the company has been making. 53 million euros were lost by the fishing company during its most recent fiscal year, which ended in March.
The Workers' Committee has recommended that the company drop the ERE plan, calling it unjust, while the management of Nueva Pescanova has urged the Workers' Committee to begin negotiations.
Update 26/09/2023
Spanish fishing company Nueva Pescanova has reduced the number of jobs to be affected by the Employment Redundancy Plan (ERE) from 100 to 82. A first negotiation meeting will be held on 5 October 2023 to discuss the proposed job cuts. Both parties, the company and employee representatives, have until the 26th of October to reach a final agreement on the proposed ERE.
Update 27/10/2023
Workers from the three Nueva Pescanova work centres in Spain have voted in favour of the pre-agreement for staff reduction. The company's final proposal reduces the number of affected people from 100 to 76. Also, the agreement stresses that most departures will be voluntary and includes ad-hoc financial compensations for those under 57 years old and early retirement schemes for those over 58 years old.
Eurofound (2023), Nueva Pescanova, Internal restructuring in Spain, factsheet number 200323, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/200323.
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