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.
Retail Wholesale Trade, Except Of Motor Vehicles And Motorcycles Wholesale Of Household Goods 46.42 - Wholesale of clothing and footwear
130 jobs Number of planned job losses
Announcement Date
20 January 2021
Employment effect (start)
31 January 2021
Foreseen end date
Description
The Czech fashion brand Pietro Filipi is to dismiss over 130 employees of its 23 stores across the Czech Republic. The firm faces insolvency due to the COVID-19 crisis and accumulated debts. Employees were informed that the company had no money to pay wages or severance pay. Therefore, they were advised to terminate their employment by agreement at the end of January and register with the employment office, where they can apply for severance pay compensation.Pietro Filipi already had financial problems before the start of COVID-19 pandemic. At the end of 2019, the fashion brand owed its suppliers over CZK 70 million (€2.6 million) and did not meet the conditions of banks.
Eurofound (2021), Pietro Filipi, Bankruptcy in Czechia, factsheet number 103174, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103174.
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