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 Hotel Méridien Étoile (Marriott Group) has announced to cut up to half of its workforce, that is 254 redundancies after negotiations with the unions broke down. The 1,025-room hotel suffers from the absence of tourists and businessmen due to COVID-19. The management plans to run the hotel with only 500 rooms and to delete all floor staff positions. The activity would be outsourced to a subcontractor. For the CGT union, this is an unprecedented wave of redundancies and hardly justified: the salaries of the staff, 40% of whom are at minimum wage (SMIC), are covered by the State. According to representative, the big hotel groups, have made considerable profits for years, and they do have the necessary strength and support to withstand the crisis, especially as the recovery is assured in the long term.
Eurofound (2021), Méridien Etoile, Internal restructuring in France, factsheet number 103005, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103005.