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.
Majorica, a Spanish jewellery company that manufactures pearls and other noble materials, has agreed with the trade union Workers' Commissions (CCOO) and General Union of Workers (UGT) on a collective redundancy plan that will affect 103 workers. This restructuring process follows the purchase of Majorica by MajolaPerla, both of which are based in Mallorca.
According to CCOO, the agreement has been voted in favour by most of the affected workers. This agreement allows for the subrogation of 165 workers, who will now work for MajolaPerla. The agreement includes improvements in the legally established compensation payments depending on seniority, ranging from €3,000 to €8,000. The agreement also includes a four-year employment maintenance plan, which will allow the affected workers to be rehired in case of new recruitment processes.
In 2004, Majorica cut about 176 jobs in Spain.
Eurofound (2021), Majorica, Merger/Acquisition in Spain, factsheet number 105121, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/105121.