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.
Young's seafood, the Scottish seafood processing company, has announced the loss of 650 jobs after losing a major contract in June 2015. It was reported that Young’s seafood had lost a major contract to supply fresh and smoked fish to the UK supermarket Sainsburys. At the time of the announcement it was unclear as to whether Young’s could continue with its current operations and it was reported in July that it was considering closing its factories in Fraserburgh and Grantown on Spey. The company has since announced that, following a review, it proposes to keep both sites open, but at a total job loss of 650. The company is reported to have agreed enhanced redundancy terms with those workers affected and has promised to assist with finding alternative work. It is not known when the job losses will take effect.
Eurofound (2015), Young's Seafood, Internal restructuring in United Kingdom, factsheet number 85131, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85131.