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 Manufacturing Of Furniture And Other Manufacturing Manufacture Of Furniture 31 - Manufacture of furniture
European Globalisation Fund (EGF)
Year: 2009, Case number: 16
530 jobs Number of planned job losses
Announcement Date
11 May 2009
Employment effect (start)
8 May 2009
Foreseen end date
26 March 2009
Description
One of the biggest furniture producers in Lithuania Narbutas & Ko announced its bankruptcy on 8 May 2009. All 530 employees have been dismissed. The main cause of the bankruptcy was the lack of current capital and sharply decreased number of orders. According to the management, the prognoses for the demand for the company's production were too optimistic. The company invested over 75 million LTL for the construction of new factory in Ukmerge in July 2008.
Sources
11 May 2009: Verslo zinios
Citation
Eurofound (2009), Narbutas & Ko, Bankruptcy in Lithuania, factsheet number 68564, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68564.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
