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 1 July 2010, Casinos Austria, which holds the monopoly on gambling in Austria, announced a reduction of it workforce by 120 to 150 jobs in order to reduce costs. Casinos Austria, which currently runs twelve casinos in the country, and employes 1710 workers, plans to cut its personnel costs by making staff members of 50 years and older redundant. In cooperation with the company's works council, a model was worked out which offers the concerned workers to work on call until they reach their retirement age. This way, their pension claims will be upheld and they receive severance pay. The Casinos Austria group is facing some economic difficulties and there is a chance that it will be in the red this year for the first time ever. Furthermore, in 2011 or 2012, the gambling licences will be awarded anew, which means that Casinos Austria will most probably lose the monopoly it has held so far. Hence, more restructuring measures might be taken then.
Eurofound (2010), Casinos Austria, Internal restructuring in Austria, factsheet number 71268, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/71268.
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