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.
Information / Communication Publishing Of Information; Production And Programming Of Audiovisual Publishing Activities 58 - Publishing activities
200 jobs Number of planned job losses
Announcement Date
26 January 2009
Employment effect (start)
1 January 2009
Foreseen end date
30 June 2009
Description
The Estonian media concern Kalev Meedia laid off all of the 200 employees during January - June 2009 due to bankruptcy.
In January the company announced of reducing 150 jobs by closing down ten magazines and reducing personnel of the TV-channel Kalev Sport and the company´s news portal. The aim of the job cuts was to lower expenses in view of the company´s downward revisions of future prospects. Still, in January some activities were hoped to be continued.
In March it was announced that the company had not paid out redundancy benefits to the persons laid off earlier in the year. By the end of March it was clear that the company will not be able to continue and applied for declaring bankruptcy. According to the comments of the representatives of the company in the media, the reasons of bankruptcy were the reducing advertisement market as a result of the economic recession in 2008 and incapability of finding alternative financing.
For the previous employees of the company the bankruptcy procedure ended in June 2009 when the Unemployment Insurance Fund paid out employer insolvency benefits to 131 ex-employees in the total sum of EEK 5.6 million (about €358 thousand). The rest of the 60 employees were not appointed insolvency benefit, thus it is expected that they were paid all redundancy benefits upon the initial redundancies in the beginning of the year.
Sources
20 May 2009: Postimees
9 July 2009: Eesti Päevaleht
26 January 2009: Aripaev
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Citation
Eurofound (2009), Kalev Meedia, Bankruptcy in Estonia, factsheet number 68489, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68489.
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