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.
The canned fish food manufacturing company Isidro 1952 has been declared insolvent and confirmed a collective dismissal programme of 120 employees after the Commercial Court of Coruña had ratified its economic and productive causes. The legal ruling specifies that the company's sales fell 12.37% in 2018 and 22.21% in 2019 compared to the previous year. Another collective dismissal process is still pending of resolution of the court, potentially affecting other 83 employees.
Affected workers believe there are no chances to return to their jobs considering the additional economic impact of the Covid-19 crisis over the company; the company has been closed since the start of the implementation of confinement measures in Spain.
Eurofound (2020), Isidro 1952, Bankruptcy in Spain, factsheet number 100582, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100582.