Molupis ir ko

Type
Bankruptcy
Country
Lithuania
Region
Lietuva; Vidurio ir vakarų Lietuvos regionas ; Tauragės apskritis
Location of affected unit(s)
Taurage
Sector
Manufacturing
(10 - 11) Manufacture of food and beverage
10.7 - Manufacture of bakery and farinaceous products
10.71 - Manufacture of bread; manufacture of fresh pastry goods and cakes
108 jobs
Number of planned job losses
Job loss
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.

Sources

Citation

Eurofound (2020), Molupis ir ko, Bankruptcy in Lithuania, factsheet number 100576, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100576.