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 Wearing Apparel 14 - Manufacture of wearing apparel
600 jobs Number of planned job losses
Announcement Date
26 August 2005
Employment effect (start)
1 June 2005
Foreseen end date
26 August 2005
Description
J&R Enterprises, Romania’s largest clothing manufacturer and owner of the Seroussi brand, is planning to reduce its exports in 2005 after the fall of the euro and will place a stronger emphasis on domestic sales.
‘More than 95% of the output of our factories is contract work and is exported. This is why the recent appreciation of the leu is a problem for us and we are thinking of drastically cutting exports’, Joseph Seroussi, the company’s main shareholder said.
The euro has lost 10% against the leu in 2005, after falling by 3.6% last year, which has affected all exporters. At the same time, domestic prices have risen, especially for utilities.
The difficulties the company has faced lately forced it to lay-off some 600 people. J&R Enterprises has five facilities in Romania which together employ more than 8,000 people. Total investment in these factories since 1990 has exceeded €105 million, company data show.
The turnover J&R Enterprises generated through contract work amounted to €90 million in 2004. ‘We hope to see similar revenues this year’, Seroussi added.
Sources
29 August 2005: Ziarul Financiar
26 August 2005: Ziarul Financiar
Citation
Eurofound (2005), J&R Enterprises, Internal restructuring in Romania, factsheet number 62211, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62211.
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