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.
On 16 June 2006, TUI, one of the leading travel agencies in the world, announced the cutting of 400 jobs in Germany because of its poor revenues from its core business tourism. The job reduction shall be completed by the end of 2009. Most jobs will be lost in the framework of the merger of the four German TUI affiliates: TUI Germany, 1-2-Fly, Airtours and TUI Leisure Travel. In the future, the management of these four German affiliates will be handled at the central department of TUI Germany leading to a redundancy of management positions within the four TUI affiliates. TUI Germany is implementing its cost reduction strategy and stated that it wants to cut expenses by 210,000,000 Euro till the end of 2008.
Eurofound (2006), Tui, Internal restructuring in Germany, factsheet number 63679, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63679.