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 Wood And Paper Materials Manufacture Of Wood And Of Products Of Wood And Cork, Except Furniture; Manufacture Of Articles Of Straw And Plaiting Materials 16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
108 jobs Number of planned job losses
Announcement Date
2 September 2011
Employment effect (start)
5 September 2011
Foreseen end date
31 December 2011
Description
On 2 September 2011, the Commercial Court of Perigueux agreed on the take over of Isoa by the investment fund Azimuth. Following this decision, 108 employees out of 303 currently employed will lose their jobs. Azimuth paid almost 400.000 euros to purchase the four companies of the Isoa group (Isoa, Isoa communication, Valanga and Sofidile), which specialized in insulation. The Isoa group's turnover decreased from 30 million euros in 2008 to 20 million euros in 2010, incurring a total loss of 15 million euros. According to the media news, Isoa has failed to manage the crisis within the construction and building sector and the ending of a governmental scheme to help finance improvements in renewable energies. Most of the redundancies will affect the company's administrative staff rather than its commercial staff.
Eurofound (2011), Isoa, Bankruptcy in France, factsheet number 72329, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72329.
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