Restructuring events
European Restructuring Monitor (ERM)
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.
Construction cooperative Unieco, based in Reggio nell’Emilia, announced the dismissal of 170 workers. The exits are expected to halve the headcount and affect both construction workers and clerks.
The cooperative, which is active in many important construction sites in the centre and in north of Italy, has been hit by the crisis of the financial and real estate markets. This has resulted in a substantial drop in income and assets. The redundancies are intended as a 'last resort' attempt to avoid insolvency proceedings in the frame of a rescue plan the company is discussing with its main creditor banks.
Unions hope that an agreement with the banks will be eventually reached, allowing for the continuation of works and safeguarding the jobs.
Update, 25/02/2017: The procedure of collective dismissals has been closed without an agreement being reached and confirming the initially announced exits. The cooperative will provide up to €8,000 individual incentives for dismissals. The affected workers will leave the company as of mid-May, when the temporary unemployment benefits are due to expire.
Eurofound (2016), Unieco, Internal restructuring in Italy, factsheet number 91220, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91220.