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
400 jobs Number of planned job losses
Announcement Date
13 June 2008
Employment effect (start)
Foreseen end date
Description
Lino audiniai, the largest linen textiles producer in Lithuania, which employs 900 workers, announced its bankruptcy on 13 June, 2008. Lino audiniai is a subsidiary company of linen company Linas in Panevezys. According to the administration, 400 employees will be dismissed and 500 employees will be employed in other Linas group companies (Lino apdaila and Lino aptarnavimas). The closure is attributed to decreased turnover of the company determined by the import of cheaper goods from Asian companies.
Sources
18 June 2008: Verslo zinios
Citation
Eurofound (2008), Lino audiniai, Bankruptcy in Lithuania, factsheet number 66780, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66780.
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