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.
TUI, the German travel company owner of Thomson Holidays, said it plans to cut 2,600 jobs in the UK.
Travel companies such as TUI and Thomson are having to restructure their business, as consumers book an increasing number of holidays online. The rise of budget airlines, and more people planning their own tailor-made trips, has also had an effect. TUI employs about 8,000 staff in the UK, and Thomson has about 730 travel shops nationwide. Details were not immediately available for where and when the cuts would come in the UK. TUI said that the changes to its tourism division were needed to reflect a drop in margins. TUI chief executive Michael Frenzel said that the company had to get fit for the future. TUI UK's and Thomson Travel's headquarters are in Luton. The group's airline Thomson Fly is based in Coventry.
Eurofound (2006), Thomson Holidays, Internal restructuring in United Kingdom, factsheet number 64626, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64626.
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