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.
Information / Communication Publishing Of Information; Production And Programming Of Audiovisual Publishing Activities 58.12 - Publishing of directories and mailing lists
210 - 300 jobs Number of planned job losses
Announcement Date
28 June 2016
Employment effect (start)
Foreseen end date
Description
Truvo, a Belgian company specialising in local search and advertising, has announced its bankruptcy. Thanks to the planned acquisition by the Estonian FCR Media group 220-310 people will be able to remain active within the company, 300-210 of the total 520 are however facing dismissal. How the dismissals will be implemented remains unclear. Two of the existing facilities in Berchem and Anderlecht will remain open, those in Ghent, Liège and Zaventem will be closed. One of the conditions the FCR Media group has imposed is that it will only acquire the company after the entire bankruptcy procedure has been completed. The main reasons behind the closure of the firm is the ongoing heavy competition the firm faces from other websites offering similar services and an overall reduced demand for paper advertisement. An exact date when the dismissals will take place has not yet been specified.
Sources
28 June 2016: De Tijd
29 June 2016: Het Laatste Nieuws
2 July 2016: De Tijd
30 June 2016: De Tijd
Citation
Eurofound (2016), Truvo, Closure in Belgium, factsheet number 88021, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88021.
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