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.
Hotel / Restaurants Accommodation And Food Service Activities Accommodation 55.20 - Holiday and other short-stay accommodation
220 jobs Number of planned job losses
Announcement Date
29 January 2020
Employment effect (start)
1 May 2020
Foreseen end date
31 December 2021
Description
The Pierre et Vancances-Center Parcs leisure residence group has announced a reorganisation that will result in up to 220 job cuts out of a total of 12,850 employees. To cut the 220 positions, the group is going to set up a plan to safeguard jobs at its headquarters in Paris .
This announcement was made as part of the new strategic plan called 'Change Up' which aims to return the group to profitability by 2021. The plan aims to optimize the existing assets by an ongoing analysis of the performance of the 285 sites. The 2018-2019 financial year of the Groupe Pierre & Vacances Center Parcs ended with a net deficit (group share) of €33 million. Management expects total savings of €50 million in 2024, including €30 million from the reorganisation and €20 million from purchasing. 70% of the target should be achieved by the end of 2021.
Eurofound (2020), Pierre et Vacances, Internal restructuring in France, factsheet number 99785, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99785.
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