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.
MyTravel is to cut up to 540 jobs in an attempt to reduce costs, the company announced on 2 July 2004. The decision will affect pilots and cabin crew, and redundancies are expected to take place from November 2004. The firm is reducing its fleet of aircraft by nine, leaving it with 21 planes. MyTravel has been making losses over the past 18 months and the company said it is trying to get back into profitability by 2005. As part of a so-called turnaround plan, the company said it was trying to reduce the proportion of fixed costs. ‘We have to make sure we have a realistic size of fleet for the marketplace', said a spokeswoman. Workers were told about the job losses - which will account for about 24% of the company's employees.
Sources
27 July 2004: The Guardian
Citation
Eurofound (2004), MyTravel, Internal restructuring in United Kingdom, factsheet number 61807, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61807.
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