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.
After 106 years of production, the biggest Croatian textile company Varteks, is in the process of bankruptcy and has laid off 550 workers. In early May 2024, workers at this company went on strike over overdue salaries. They ceased their industrial action on 14 May after they were provided with guarantees that they would get their late wages and a deal was made between the new management, shareholders, and the relevant trade unions. Unaudited data for 2023 show that Varteks operated at a loss of €4.43 million, while in 2022 its losses amounted to €3.1 million. In late May 2024, the company reported that it had presented a plan for the stabilization of its business operations to Zagrebačka Banka and the Croatian Reconstruction and Development Bank (HBOR), making an offer that would enable it to obtain fresh money through recapitalization and new loans for production and the payment of due liabilities. However, the offer was turned down.
At the end of 2023, the company had 633 employees, but now it has around 550.
Eurofound (2024), Varteks , Bankruptcy in Croatia, factsheet number 201371, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/201371.