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.
Latvian national air carrier airBaltic will dismiss 159 employees by the end of this year.
The airline is implementing the restructuring plan ReShape developed by the company's new CEO Martin Gauss. The plan, which is intended to reduce costs by 16%, includes fleet modernization, cost optimization, operational efficiency, revenue enhancement and network improvements.
On March 16 AirBaltic informed the State Employment agency about collective dismissal plan, indicating that they are planned to be carried out in several stages until the end of year. The affected workforce includes administration workers, analytics, financiers, ticket sellers, marketing specialists, accountants, mechanics, engineers and technicians. The most affected category is pilots (35 dismissals) and flight attendants (30 dismissals). On 27th September the vice-president of the airline JÄnis Vanags confirmed that the restructuring, is going according to the plan.
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Eurofound (2012), airBaltic, Internal restructuring in Latvia, factsheet number 74180, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/74180.