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.
On 2nd of February 2009, the publishing group Hjemmet Mortensen, part of the Egmont group, announced the loss of 120 jobs. It has been known since October 2008 that the company planned to cut its costs by up to 160 million NOK, and there have been internal discussions about the measures since then.
The decision to cut the jobs is attributed to falling sales and decline in revenues from advertising. In October, the management announced cost cuts to modernize and increase the company's competitveness. The final measures were announced in meetings with the employees on 2nd of February 2009.
The company offers severance pay, guaranteed salary, support for further education and start-up of business projects, as well as early retirement arrangements, and hopes that these measures will be sufficient. The journalist shop steward told the union magazine Journalisten that the union is not satisfied with the limitation of maximium severance pay (20,5 monthly salaries) and the size of support to those retiring early (50.000 NOK distributed over 5 years).
Eurofound (2009), Hjemmet Mortensen, Internal restructuring in Norway, factsheet number 67992, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67992.
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