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.
In 2006, the national radio broadcasting company Radiocom will cut jobs in unprofitable departments. Initially, about 5 to 600 employees are set to lose their jobs. ‘This first redundancy stage ‘ will be followed if need be, by a second redundancy of 400 to 500 employees', declared the president of the company. All redundant people will receive redundancy pay according to the legislation in force. Currently, Radiocom has 2,400 employees.
The president added that once the upgrading of radio and television broadcasting stations was over, the staff number would be substantially reduced.
Radiocom is the major provider of electronic communications networks and services in Romania, as well as international and national telephony, high speed Internet, secured data transfer services (VPN). Currently, it is owned 100% by the Romanian state but is set to be privatised in 2006, through the sale of a majority share package.
For 2005, Radiocom estimates a turnover of €69 million and a profit margin of €6.1 million.
Eurofound (2006), Radiocom, Internal restructuring in Romania, factsheet number 63063, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/63063.
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