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.
On 7 December 2011, the second largest media company in the Netherlands Telegraaf Media Groep (TMG) announced that it will cut 350 jobs in the years to come, some 12% of the total number of employees.
It is reported that an earlier restructuring operation resulted in the loss of 600 jobs in 2008, more than initially announced (see here). Background for the new measures are said to be the loss of income from advertising and an expected drop in the number of newspaper sales.
TMG aims to reduce its dependency on printed media from 70% to 50% in 2016. The job cuts are part of a five year strategic plan.
Eurofound (2011), Telegraaf Media Groep, Internal restructuring in Netherlands, factsheet number 72896, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72896.