Viajes El Corte Inglés has decided to reduce its working hours by two hours a day as a means of adapting to falling demand within the sector and to safeguard jobs, a measure affecting its 4,800 staff in Spain.
Barceló Viajes, Catai Tours and Guitart Hotels have all adopted similar measures.
The decision comes at the start of the consultative period and initiation of proceedings relating to ERE and is designed to ensure job security, at least in the short term, and is expected to last 24 months or until the economic situation improves.
Viajes El Corte Inglés achieved a turnover of €2425.80 million in 2011, representing an increase of 5.9% over the previous year. Net profit, however, was down by 14.9% at €53.87 million.