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.
German Sovello, manufacturer of solar cells, has gone bankrupt and announced to cut all 1,000 jobs in Bitterfeld, Germany. It is reported that 500 employees were made redundant at the beginning of August, while an additional 500 employees will be dismissed at the beginning of September.
Sovello had filed for insolvency in May 2012 and was not able to find an investor. According to the company the insolvency was triggered by a severe crisis in the solar sector, by fierce competition with cost-effective solar companies from China as well as by decreasing government subsidies.
Eurofound (2012), Sovello, Bankruptcy in Germany, factsheet number 74002, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74002.