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.
Manufacturing Manufacture Of Food And Beverage Manufacture Of Food Products 10.71 - Manufacture of bread; manufacture of fresh pastry goods and cakes
108 jobs Number of planned job losses
Announcement Date
6 May 2020
Employment effect (start)
6 May 2020
Foreseen end date
31 May 2020
Description
Lithuanian bakery company Molupis ir ko is to dismiss 108 employees in Taurage in May 2020. Such information was provided by the Lithuanian Employment Service. The main cause of the dismissals is the bankruptcy of the company that was announced by the the Authority of Audit, Accounting, Property Valuation and Insolvency Management under the Ministry of Finance of the Republic of Lithuania on 16th April 2020. The company is currently undergoing bankruptcy procedures and has already handed out layoff notices to all 108 employees. Molupis ir ko was undergoing restructuring procedures since 2017. However, the company could not fulfill the approved three-year restructuring plan without additional assistance from creditors, therefore the bankruptcy proceedings were initiated.
Eurofound (2020), Molupis ir ko, Bankruptcy in Lithuania, factsheet number 100576, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/100576.
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