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 multinational foodservice company Compass Group, based in the UK, has announced restructuring measures for its division in Finland. As a result of diminished revenue during the COVID-19 pandemic, the company has decided to dismiss 365 people. In addition, the working hours of another 550 employees will be reduced from full-time employment to part-time work, and 2,300 will be subject to temporary lay-offs, either fixed-term or indefinite.
The CEO of the company stated tat teleworking has had a great negative effect on the company, as it is focused on catering for staff and school restaurants. The Group anticipates that some of these changes in consumer habits may be long-lasting or even permanent, whereby internal restructuring was considered necessary to increase the company's competitiveness.
The trade union representatives have expressed disappointment for the company's decision and are calling for restructuring through temporary layoffs rather than direct dismissals.
In Finland, Compass Group employs 3,500 people and runs around 600 restaurants. The company operates in several sectors, including business and industry, healthcare and the elderly, education, sports and leisure, and defence and maritime areas.
Eurofound (2021), Compass Group Finland, Internal restructuring in Finland, factsheet number 103346, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103346.