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.
The German subsidiary of the British tourism operator TUI Travel announced a restructuring programme that will result in 550 job cuts in Germany (out of 9600 currently employed). The restructuring decision is taken due to increasing competition and changing working practises in the branch of activity, as stated by the company representative. Accordingly, 400 jobs at TUI headquarter in Hannover and another 150 at service provider TVS will be cut until the end of the year. Most of these job cuts will be realised through natural fluctuation and termination of fixed term contracts. Employees that will be affected by direct dismissals will be given the possibility to transfer to a job transfer agency. The downsizing process is endorsed by the works council in expense of a works agreement safegarding employment for 1700 employees until 2015.
Eurofound (2010), TUI, Internal restructuring in Germany, factsheet number 72460, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72460.
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