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 Material For Textiles, Apparel, Leather And Related Products Manufacture Of Wearing Apparel 14 - Manufacture of wearing apparel
111 jobs Number of planned job losses
Announcement Date
14 July 2020
Employment effect (start)
14 July 2020
Foreseen end date
Description
Danish-capital sock manufacturer Comfysocks Baltic is to dismiss 111 employees in Kaunas. The main cause of the dismissals is the bankruptcy of the company that was announced by the Authority of Audit, Accounting, Property Valuation and Insolvency Management under the Ministry of Finance of the Republic of Lithuania on 3 July 2020. The company is currently undergoing bankruptcy procedures and has already handed out layoff notices to all 111 employees. The bankruptcy was causes by the COVID-19 pandemic. According to the management, most of employees are currently on down-time.
Earlier this year, the Lithuanian Clothing and Textile Association forecasted that about a third of textile companies may go bankrupt due to COVID-19 pandemic, and about a quarter of the 28,000 people working in the sector may lose their jobs.
Eurofound (2020), Comfysocks Baltic, Bankruptcy in Lithuania, factsheet number 101237, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101237.
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