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 31.01 - Manufacture of office and shop furniture
129 jobs Number of planned job losses
Announcement Date
17 April 2012
Employment effect (start)
31 May 2012
Foreseen end date
30 September 2012
Description
Belgian office furniture retailer GDB International has been declared bankrupt and 129 jobs will be lost. Huge cash flow problems explain the decision, according to the management. Unions do not believe this is the reason for the bankruptcy and want to check every single transaction between the Group EOL and the local plant. Indeed, they think that the group's management emptied inch by inch all funds in the firm to let it die. In ten years, the company lost 38 millions euros.
Sources
19 April 2012: rtl.be
17 April 2012: l'avenir.net
Citation
Eurofound (2012), GDB International, Bankruptcy in Belgium, factsheet number 73407, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/73407.
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