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.
Paramount Foods has gone into administration and will make 118 staff redundant following the loss of a major contract with a supermarket chain.
Administrators are looking for a buyer while the redundancies were made in order to sustain the business in the short term. 76 jobs will go in Deeside and another 42 in Salford.
UPDATE 23.11.2012: The administrators were not able to find a buyer for the business and the company will cease production at Deeside on 30 November making a total of 450 people redundant. Production at Salford will stop on 28 November.
Eurofound (2012), Paramount Foods, Bankruptcy in United Kingdom, factsheet number 74318, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74318.