Petrof

Type
Internal restructuring
Country
Czechia
Region
Česko;
Location of affected unit(s)
Česká Lípa, Liberec, Moravský Krumlov, Jiříkov
Sector
Manufacturing
(32) Other manufacturing
32.2 - Manufacture of musical instruments
32.2 - Manufacture of musical instruments
360 jobs
Number of planned job losses
Job loss
Announcement Date
19 March 2004
Employment effect (start)
30 April 2004
Foreseen end date
30 April 2005

Description

Petrof, Europe's largest piano manufacturer, has been undergoing a serious sales crisis since the beginning of 2004. The management of the company had to close four plants (sites in Česká Lípa, Liberec, Moravský Krumlov, Jiříkov) and to let go 360 workers during a one-year period. Main restructuring reasons are following: unfavourable exchange-rate, decreasing world demand and the price competition of musical instruments from China.

Sources

  • 2 May 2005: Hospodárske noviny
  • 19 March 2004: Hospodárske noviny

Citation

Eurofound (2004), Petrof, Internal restructuring in Czechia, factsheet number 61533, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61533.