French automaker PSA Peugeot Citroën says it will close one of its plants and lay off eight-thousand workers due to financial difficulties.

Europe’s second largest automaker made the announcement on Thursday. The closure will mark the first time in 20 years for an auto plant to close down in France.

Last month, General Motors also announced it will close a plant in Germany, which would be its first closure in the European country since World War Two. Italian auto manufacturer, Fiat, said it was cutting its staff by five-thousand.

Other European carmakers are also feeling the pressure to carry out restructuring efforts.

Other than the auto manufacturing sector, airlines, communications firms and banks in Europe are also carrying out layoffs.