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 Non-specialised retail sale 47.12 - Other non-specialised retail sale
130 jobs Number of planned job losses
Announcement Date
20 March 2017
Employment effect (start)
20 March 2017
Foreseen end date
Description
Former franchise partner of food retail chain CBA, Palóc Nagykereskedelmi is going into liquidation after not being able to reach an agreement with its creditors. The company filed for bankruptcy last autumn, after three consecutive years of losses and accumulating debts of several billion forints (Hungarian currency). According to state law, retailers with over HUF 15 bn (EUR 485 million) net revenue but no profits in two consecutive years must cease operation. Before bankruptcy proceedings, Palóc Nagykereskedelmi was the largest employer in Nógrád county, with 1300 employees. During the proceedings, headcount was reduced to 130.
Sources
20 March 2017: 24.hu
20 March 2017: MNO
Citation
Eurofound (2017), Palóc Nagykereskedelmi, Bankruptcy in Hungary, factsheet number 90589, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90589.
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