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
335 jobs Number of planned job losses
Announcement Date
28 January 2014
Employment effect (start)
11 February 2014
Foreseen end date
Description
Fenestra, a window and door manufacturer, has been declared bankrupt and it has given termination notices to all 355 employees in Finland.
Fenestra is headquartered in Vantaa, but has production facilities in Kuopio and Viitasaari. The company has served termination notices to all employees and in the case of bankruptcy the notice period is only two weeks. Employees can recover back wages from a designated wage guarantee fund. Fenestra cites long-term losses and lack of funding as reasons for the bankruptcy.
Union representatives expressed surprise and shock over Fenestra's bankruptcy. They noted that the company had recently combined two factories and sold one and these actions were expected to improve situaation.
Sources
28 January 2014: YLE News
28 January 2014: Press release of labour union Pro
Citation
Eurofound (2014), Fenestra, Bankruptcy in Finland, factsheet number 76555, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/76555.
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