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.
Wholesale / Retail Retail trade Retail sale of cultural and recreational goods 47.62 - Retail sale of newspapers, and other periodical publications and stationery
120 jobs Number of planned job losses
Announcement Date
28 May 2014
Employment effect (start)
28 May 2014
Foreseen end date
30 June 2014
Description
The Foreign Press Distribution Agency, the principal distributor of foreign press in Greece, has suspended its operation with the loss of 120 jobs. According to various Greek media the Foreign Press Distribution Agency announced Wednesday May 28th 2014 the suspension of its operation after 29 years and asked the press stores owned by the company to proceed with liquidation of their assets. The reason for the bankruptcy is the agency’s debts to the IKA (state’s social security organization) and towards its suppliers worth nearly 0.75 million euros and 3.5 million euros respectively.
Sources
29 May 2014: Avgi
28 May 2014: Imerisia
Citation
Eurofound (2014), Foreign Press Distribution Agency, Bankruptcy in Greece, factsheet number 77104, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77104.
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