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 Computer, Electrical Electronic And Optical Products Manufacture Of Electrical Equipment 27 - Manufacture of electrical equipment
90 - 110 jobs Number of planned job losses
Announcement Date
23 October 2008
Employment effect (start)
23 October 2008
Foreseen end date
31 December 2009
Description
LTH, a fridge and freezer manufacturer based in Škofja Loka is to cut a further 20 jobs bringing the total number of dismissals to 90 jobs; by the end of 2009 the number of employees will be reduced to 250.
Originally the company had announced 70 dismissals out of its 340 employees. It is faced with two problems: (i) difficulties in financing the supply of inputs for production and (ii) decreasing sales. To resolve these problems the owners will invest additional capital and reduce the number of workers over two years. Initially it was planned that 10 employees would lose their jobs by the end of 2008 and another 60 in 2009. LTH (Loška tovarna hladilnikov) produces chest freezers, cabinets for ice cream and frozen food, refrigerators for the catering industry and shops.
The latest news of 2009-03-09 says that problems in the company have further aggravated as a consequence of wrong investment decisions in the past and the present economic downturn. The loss in 2008 amounted to EUR 4.5 million. The proposal for the compulsory settlement was filed at the court in Kranj. At the moment the company employs about 300 people but their number will be further reduced to 230 or 250 at best.
Sources
9 April 2009: Delo
7 April 2009: Finance
2 April 2009: Finance
23 October 2008: Finance
Citation
Eurofound (2008), LTH Loške tovarne hladilnikov, Internal restructuring in Slovenia, factsheet number 67270, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67270.
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