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.
The traditional knitwear manufacturer Gebrüder Wolff, which is headquartered in Hard (Vorarlberg) and runs several plants in Hungary and Slovakia, was adjudicated bankrupt on 23 January 2007. According to one of the firm’s managers, this insolvency has resulted from an aggressive price policy performed by most of the competitors and thus significant losses in turnover during the past years. Eventually, liabilities have outweighed assets by €2.7 million. As a consequence, some 320 domestic employees at the site in Hard and additional 235 workers who are employed by subsidiaries abroad (Hungary, Slovakia) stand to lose their jobs. Apart from the 555 employees affected in total, some 245 distinct creditors are concerned.
Eurofound (2007), Gebrüder Wolff, Bankruptcy in European Union, factsheet number 64827, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64827.