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 Food And Beverage Manufacture Of Food Products 10.7 - Manufacture of bakery and farinaceous products
120 jobs Number of planned job losses
Announcement Date
9 June 2015
Employment effect (start)
9 June 2015
Foreseen end date
31 July 2015
Description
Ring, producer of baked goods and pastries in Upper Austria, declared bankruptcy on 9 June 2015 resulting in a total of 120 dismissals. The bankruptcy also affects the company's subsidiaries Salzkammergut Bäckerei, the RING holding company Pan&Co Group and their subsidiaries Eurocool Logistik, P & C Kaffee Vertriebs, Blaschke Konditorei, B & G Backen und Garen Technik Service. According to newspaper reports this is the largest insolvency to have taken place in Austria in 2015.
By the end of June 2015 liquidators have closed 32 out of 58 stores of the company. The closure resulted in 120 out of 280 employees becoming redundant. The remaining profitable stores will be sold by mid July. According to newspaper reports various prospective buyers have expressed their interest.
Sources
27 June 2015: OÖ Nachrichten
20 June 2015: OÖ Nachrichten
17 June 2015: Wirtschaftsblatt
Citation
Eurofound (2015), Ring, Bankruptcy in Austria, factsheet number 83935, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/83935.
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