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.
Administrative Services Travel Agency, Tour Operator And Other Reservation Service And Related Activities Travel Agency, Tour Operator And Other Reservation Service And Related Activities 79 - Travel agency, tour operator and other reservation service and related activities
400 jobs Number of planned job losses
Announcement Date
15 December 2006
Employment effect (start)
Foreseen end date
Description
On 15 December2006, TUI, a tourism and shipping operator, announced to cut 3,600 jobs in its operations in Europe. Some 400 jobs will be lost in Germany. The changes form a part of recovery programme. The latter shall save 250 million Euro till 2008. Approximately 100 million Euro shall be saved by diminishing the companys labour costs. Another 150 million Euro shall be saved by reducing its material costs.
TUI plans an internal restructuring, merging its Hapagfly and Hapag-Lloyd Express airlines into a new brand called TUIfly.com. The two German TUI affiliates, TUI Deutschland GmbH and TUI AG, shall be merged, too. Apart from the mergers, the company plans to strengthen its shipping segment. TUI currently employs 62,947 persons worldwide.
Sources
16 December 2006: Frankfurter Allgemeine Zeitung
18 December 2006: Financial Times Deutschland
18 December 2006: Handelsblatt
Citation
Eurofound (2006), TUI, Internal restructuring in Germany, factsheet number 64640, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64640.
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