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.
Hansaliin, a subsidiary of the Tallink Group, an Estonian multinational cruise ship company, has announced that it will be reducing 407 jobs. The reductions will primarily affect service personnel. The reductions will continue until early autumn, and Tallink has stated that the number of job losses is likely to decrease as negotiations with Estonian Seamen's Independent Union (Eesti Meremeeste Ametiühing or EMSA) progress.
According to the head of Tallink Group, the reasons for the job reductions are increased focus on renting ships out to other companies instead of providing services, and the minimum wage increase demanded by EMSA as a response to inflation. These conditions mean that the company needs to optimize. According to EMSA, the job reductions are not a surprising given the recent move towards renting. They have expressed concern that Tallink is focused on optimization and does not seem to have a thorough business plan for going forward.
In addition to workers in Estonia, 100 workers in Latvian subsidiary companies will also be let go.
Eurofound (2023), Hansaliin, Internal restructuring in Estonia, factsheet number 108824, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108824.