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.
Express Newspapers announced plans to cut its workforce by 200 jobs by the end of August 2014. The job losses will see the number of print and editorial staff reduce from 650 to 450. UK Express publishes the UK’s Daily Express, Sunday Express, Daily Star and Daily Star Sunday. In July 2014, the company called for voluntary redundancies but at the end of deadline, it had only received applications from 41 workers by the end of August 2014. The company is reported to have accepted applications for voluntary redundancy from all 41 workers but it also extended the scheme deadline until 10 September. Express Newspapers aims to save morethan £10 million annually (€12.5 million). These cuts follow a previous major cost savings round in 2012. As of 15 September, there is no information on the final number of voluntary and compulsory redundancies.
Updated, 25/11/2014: The final number of jobs lost is unknown.
Updated, 05/12/2014: To date, it is understood that around 110 staff have opted for voluntary redundancy, however Express Newspapers is looking to reduce its staffing level by a further 62 workers in order to reach its desired cost savings target of a 30 per cent reduction in headcount. In order to achieve this target, the company has offered enhanced voluntary redundancy terms to long-term casual staff of three weeks a year in pay for each year of service. This brings the terms offered to long-term casuals in line with the offer to permanent employees. Impacted staff has until 15 December 2014 to accept the offer.
Eurofound (2014), Express Newspapers, Internal restructuring in United Kingdom, factsheet number 77543, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77543.