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.
Äripäev, mainly active in the journalism sector, will cut 14% of the positions at the company, which accounts for around 40 jobs in the current pool of 274 roles. The redundancies will take place in April 2020. The company explained that the dismissals are likely to affect fewer people than announced, as some of the positions to be cut are vacant at the moment.
Additionally, as a temporary measure, the wages of the remaining employees will be reduced by 15%, however, there is no end date in place for this measure. These measures are a result of the coronavirus outbreak which impacts the economy strongly. According to the representative of Äripäev, the company must decrease its expenses by one third over the next 9 months, which accounts for around €3.5 million.
Eurofound (2020), Äripäev, Internal restructuring in Estonia, factsheet number 100237, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100237.