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.
Cargo Slovakia, a public freight railway company, will dismiss 1,100 out of 9,285 employees till the end of August 2011. Dismissals are attributed to recovery package adopted by the government to save the company before bankruptcy. It is assumed that job cuts will reduce labour costs in the company by about € 25 million till the end of 2011. Cargo Slovakia is expected to be privatised in 2012.
Update October 2011: The company announced that they have actually dismissed 1,224 employees within the first 9 months of 2011: 124 more than expected.
Eurofound (2011), Cargo Slovakia, Internal restructuring in Slovakia, factsheet number 71797, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71797.