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 online press group Webedia, which owns about fifty Internet sites, has begun negotiations with its employees in order to cut between 80 and 90 positions out of a total of about 600 employees (that is between 10% and 15% of the workforce). The dismisal are taking place through a mutually agreed collective contract termination (rupture conventionnelle collective). The group has some 3,700 employees in France and abroad and expects to make savings of €50 million thanks to reductions in rental charges, reductions in expense accounts, renegotiation of supplier contracts, a hiring freeze and increases. Management has explained that it is facing a significant decline in revenues in recent months (-28% in April, -39% in May) due to the Covid-19 crisis. It is also reducing its workforce abroad by dimissing 150 people in Brazil, Spain, Germany and the United States.
Eurofound (2020), Webedia, Internal restructuring in France, factsheet number 101105, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101105.