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.
Danspin, the Danish-capital company producing woolen and synthetic yarns for carpet weaving, is to dismiss 106 employees in Raseiniai. Such information was provided by the Lithuanian Employment Service. The main cause of dismissals is a decrease in the number of orders due to the COVID-19 pandemic. Currently the company employs 340 employees (in February 2020, the number of employees was 440). After the dismissals, the number of employees will further decrease (from 340 to 234).
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), Danspin, Internal restructuring in Lithuania, factsheet number 101238, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/101238.