A total of 72,051 job cuts were announced in Europe between 1 April and 30 June 2007 as a result of 335 company restructuring cases, the latest European Restructuring Monitor (ERM) quarterly reveals. The UK records the largest numbers of job losses, followed by Poland, Italy, the Netherlands and Germany. These five countries made up 67% of all announced job losses in this quarter.


In line with figures from previous editions of the ERM quarterly, internal restructuring remains the most frequent reason for job losses (55%), followed by bankruptcy/closure (21%) and merger/acquisition (15%). Surprisingly, off-shoring and delocalisation accounted for less than 3% of all jobs lost.

Over the same period, 95,588 new jobs were announced. According to the ERM, the great majority (97%) of all planned new job creations are due to expanding business activities. The commerce sector leads the way with an estimated 14,300 new jobs, followed by the announcement of 12,400 jobs in the post and telecommunications sector. New Member States account for 73% of new job creations.

This quarterly report includes a country focus on Bulgaria and Romania, exploring the economic and labour market issues related to company restructuring. During the second quarter of 2007, 2,200 new jobs were announced in Bulgaria and 6,000 in Romania. The report also provides a brief overview of recent restructuring activities in Malta and Cyprus.