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.
Manufacturing Manufacture Of Material For Textiles, Apparel, Leather And Related Products Manufacture Of Textiles 13 - Manufacture of textiles
310 jobs Number of planned job losses
Announcement Date
14 June 2005
Employment effect (start)
Foreseen end date
30 September 2005
Description
Tiba a.s., the largest producer of printed fabrics in the Czech Republic, had to cut the staff by 150 workers (about one tenth of the workforce) in the manufacturing site in Dvůr Králové nad Labem by the end of September 2005. The main reason was the decline of customer demand due to the flow of cheaper goods from China.
On 15 June 2006 another 320 workers were reported to loose their jobs at the end of June 2006 due to the long-term diminution of the production.
On 22 January 2007 the company was reported to face bankruptcy due to debts amounting to CZK 600 million. About 560 employees should have lost their jobs.
On 22 August 2007 Textil Invest Praha, a Czech private investment company focusing on buying other businesses, purchased one of manufacturing shops (Zálabí) at the price of nearly 35 million CZK and promised to continue the production in coming two years and to retain jobs for about 250 people.
Sources
22 August 2007: Hospodárske noviny
14 June 2005: Hospodárske noviny
15 June 2006: Sondy
22 January 2007: Hospodárske noviny
Citation
Eurofound (2005), Tiba, Internal restructuring in Czechia, factsheet number 61758, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61758.
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