Restructuring events
European Restructuring Monitor (ERM)
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.
Lithuanian apparel manufacturing company Utenos trikotazas is to dismiss 84 employees in Utena. Such information was provided by the Lithuanian Employment Service. The main cause of dismissals is the decline in the demand for the company’s production due to quarantine regime. To control the spread of coronavirus (COVID-19), the Lithuanian Government declared quarantine on the entire territory of the Republic of Lithuania as of 16 March 2020. Earlier on 23 April 2020, the management informed that 84 employees of the company were on idle time.
Currently the company employs 777 employees. Utenos trikotazas is working in two main business areas: fabrics and ready-to-wear production. Since 2012, the company have produced two retail brands: UTENOS and ABOUT.
Eurofound (2020), Utenos trikotazas, Internal restructuring in Lithuania, factsheet number 100382, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100382.