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.
MJM Marine, the British company based in Newry (Northern Ireland) and specialising in outfitting and refurbishing cruise liners, has announced a wide restructuring plan including about 250 job cuts in the next months.
The need to enter into a restructuring plan occurred after all but one of the company's orders was postponed indefinitely due to the Covid-19 pandemic. A representative of the MJM Marine said that the cruise sector has been severely affected by the outbreak, and the company had decided not to enter into the UK government scheme designed to support companies during the crisis, because the effect on the cruise ship sector is expected to be long-term.
In order to keep redundancies to the lowest level and to mitigate its effects upon workers, the company and employees' representatives started consultations, currently underway.
MJM Marine was founded in 1983 and it is one of the largest employers in the local economy.
Eurofound (2020), MJM Marine, Internal restructuring in United Kingdom, factsheet number 100189, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100189.