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.
Polish textile producer Zambrowskie Zakłady Przemysłu Bawełnianego Zamtex announced the bankruptcy of its factory in Zambrów. All 137 workers will be dismissed. The factory was closed on 28 February 2011. The company decided to take out two loans - for salaries not yet paid and for severance pay equal to three months' wages. The closure of the factory was attributed to Zamtex's bad financial situation - the company has about 30 million PLN debts.
Zamtex has been operating in Poland since 1954. In the socialist times it was one of the biggest company in the region.
Eurofound (2011), Zambrowskie Zakłady Przemysłu Bawełnianego Zamtex, Bankruptcy in Poland, factsheet number 71836, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71836.