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.
Administrative Services Travel Agency, Tour Operator And Other Reservation Service And Related Activities Travel Agency And Tour Operator Activities 79.12 - Tour operator activities
231 jobs Number of planned job losses
Announcement Date
15 March 2018
Employment effect (start)
13 June 2018
Foreseen end date
Description
At a meeting at the Ministry of Economic Development (MISE), private equity fund Investindustrial, which is the Valtur's majority shareholder, has announced it will stop investing in the company and will sell its properties to potential investors. No restructuring plan for relaunching the company is therefore foreseen. The fund also announced the beginning of mass dismissal proceedings, which will affect about 100 tour operators and administrative staff employed in the Milan offices. The employment impact of the closure will extend to some 1,100/1200 seasonal workers employed in Valtour's resorts. To date, no investor has expressed an interest in buying the company.
Update, 10/06/2018: The dismissal of 231 Valtour employees (108 with open-ended contracts and 123 with fixed-term contracts) will be implemented as of 13 June 2018. The jobs of the remaining 1,100 to 1,200 seasonal workers employed in Valtour's resorts are also at risk.
Sources
15 March 2018: La Repubblica
18 March 2018: Il corriere della sera
15 March 2018: Il Sole 24 Ore
13 June 2018: Il manifesto
Citation
Eurofound (2018), Valtur, Closure in Italy, factsheet number 93583, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/93583.
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