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.
Hays Travel, the British travel agency, has announced that it will cut 878 jobs, affecting 344 staff currently training as travel consultants and 534 who work in the company’s foreign exchange division across the UK. Redundancy consultations with the affected staff have already started. A statement by the firm said that experienced sales staff, apprentices and those working in the head office were not affected by the cuts.
The owners of the company said the latest travel restrictions introduced by the UK government to control the COVID-19 pandemic had a serious negative effect on the travel industry, including their business.
Hays Travel is the UK’s largest independent travel agents with 737 shops across the country. Following the liquidation of the travel company Thomas Cook’s in October 2019, Hays Travel acquired all their shops and employed over 2,000 former Thomas Cook employees.
Eurofound (2020), Hays Travel, Internal restructuring in United Kingdom, factsheet number 101905, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101905.