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.
Spa Tours, a group managing three spa hotels and one water park in different locations in Estonia, lays off 114 employees throughout a collective programme. Around 25 dismissals will be carried out in Grand Rose Spa, in Kuressaare. The restructuring is associated with the COVID-19 outbreak. The containment measures established during the pandemic included temporary closure of spas and water parks and restrictions regarding tourism. This caused an instant drop in the number of clients, which is expected to last throughout 2020. The water-parks and spas are allowed to be re-opened as of 1 June 2020, the hotels are opened as of 15 May.
Spa Tours is based in Saaremaa. The company operates the Grand Rose Spa Hotel in Kuressaare, Viimsi Spa in Tallinn and Narva-Jõesuu Meresuu Spa Hotel and Atlantic H2O Water Park.
Eurofound (2020), Spa Tours, Internal restructuring in Estonia, factsheet number 100695, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100695.