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.
AccorInvest, the hotel investor, owner and operator based in Luxembourg, announced that it will cut 1,880 jobs in Europe, or 10% of its European workforce, in 2021.
The restructuring programme will affect employees in France (767 jobs), the UK (770 jobs), Hungary, Portugal, the Netherlands and Poland. The cuts will primarily affect hotel operations and service functions as well as design, construction and technical departments.
The cuts are part of a larger financial and organisational restructuring programme related to the COVID-19 pandemic and its impact on the hotel industry. The programme includes a €477 million state-guaranteed loan and a capital increase of a similar scale.
AccorInvest is 30%-owned by the Accor group which owns 900 hotels in around 30 European countries.
Eurofound (2021), AccorInvest, Internal restructuring in European Union, factsheet number 103506, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103506.