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.
Gunskirchen, Hallwang, Wien, Linz, Vöcklabruck, and Graz
Sector
Retail Wholesale Trade, Except Of Motor Vehicles And Motorcycles Wholesale On A Fee Or Contract Basis 46.13 - Agents involved in the sale of timber and building materials
113 jobs Number of planned job losses
Announcement Date
30 November 2004
Employment effect (start)
30 November 2004
Foreseen end date
Description
According to a press release submitted by the Kreditschutzverband (KSV) on 30 November 2004, the Upper Austrian dealer of building materials (especially tiles, natural stones and bathroom equipment), Felbermair, has gone bankrupt. The bankruptcy proceedings have already been instituted. The insolvency will affect 113 employees. The KSV stated that the ongoing downswing in the construction sector had undermined the company's expansion strategy (i.e. the building up of several sales plants across the country) pursued during the recent years. This has resulted in an excessive indebtedness of the firm. By way of a planned compulsory settlement entailing the closure of all subsidiary plants, the maintenance at least of the headquarters at Gunskirchen shall be secured.
Sources
30 November 2004: Der Standard
Citation
Eurofound (2004), Felbermair, Bankruptcy in Austria, factsheet number 60798, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/60798.
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