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.
Transportation / Storage Land, Water And Air Transportation Land Transport And Transport Via Pipelines 49.3 - Other passenger land transport
175 jobs Number of planned job losses
Announcement Date
17 June 2010
Employment effect (start)
17 June 2010
Foreseen end date
1 November 2010
Description
On 17 June 2010, the Public Transport Company Rigas satiksme announced an internal restructuring plan which led to 175 job losses, including 15 middle level management positions. The job cuts were implemented on 1 November 2010. The decision to start internal restructuring was made after the audit company PricewaterhouseCoopers has submitted a full report with recommendations to the board on a strategy which should generate an annual saving of LVL 1,2 million (around EUR 1,7 million). The report also involved suggestion on optimizing the company's structure and workflow.
Sources
14 October 2010: Baltic Business Network
1 November 2010: www.tvnet.lv
18 June 2010: www.db.lv
29 June 2010: http://www.baltic-course.com
Citation
Eurofound (2010), RÄ«gas Satiksme, Internal restructuring in Latvia, factsheet number 71619, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71619.
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