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.
Eurofly is the fourth largest Italian airline company in terms of number of passengers and it has 719 employees. In 2006, operations resulted in a loss of 21 million euro. In the beginning of 2007 Eurofly announced a reorganisation plan to reduce operating costs by terminating loss making activities in order to reach economic equilibrium quickly. The company plans to cut 130 jobs, including both flight and ground staff. To minimise the negative effects for redundant staff, Eurofly intends to immediately begin talks with the trade unions.
On 16 March 2007, the company and the trade unions reached an agreement that envisages measures to reduce the labour cost, thereby avoiding the staff cuts provided in the previous company’s reorganisation plan. In particular, the agreement provides for the recourse to a ‘job-security agreement’, ie a company agreement which, in order to avoid collective dismissals, envisages a reduction in the working hours and pay of all the company’s employees.
The trade unions expect that the company will announce in the next months a new reorganisation plan that provides for new investments in order to relaunch the company’s business activities.
Eurofound (2007), Eurofly, Internal restructuring in Italy, factsheet number 64838, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/64838.
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