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Literal meaning: to rearrange the structure of something.

Real meaning: to sack lots of workers.

A euphemism used by bosses to cover up the fact that they're planning to sack workers or to attack workers in other ways (e.g. worsen pay and conditions).
Boss: We're planning a major restructuring of this factory.

Union rep: erm - what's that?

Me: It means they're going to sack loads of people, you idiot! Quick, do something!
by Andy April 27, 2004
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