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 49.41 - Freight transport by road
2,500 jobs Number of planned job losses
Announcement Date
28 March 2013
Employment effect (start)
28 March 2014
Foreseen end date
31 December 2014
Description
CFR Marfa, the largest rail freight transport company in Romania, will cut 2500 jobs in 2014, following commitments by the Government to the IMF.
The government has committed to an aggressive restructuring of the company CFR Marfa and to continuing the privatization process with a strategic investor. According to the draft budget for 2014, CFR Marfa will cut 2500 jobs this year. The document, released in November 2013, estimates that the company will have 6376 employees after the job cuts in 2014. Expenses worth 16.8 million RON (3.7 million Euros) are also being mentioned for redundancy payments. At the end of March 2014, the dismissal procedures were initiated by the companies' board.
Sources
4 April 2014: Adevarul
4 April 2014: România Liberă
Citation
Eurofound (2013), CFR Marfa, Internal restructuring in Romania, factsheet number 76823, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76823.
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