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 Material For Textiles, Apparel, Leather And Related Products Manufacture Of Textiles 13.9 - Manufacture of other textiles
150 jobs Number of planned job losses
Announcement Date
21 September 2017
Employment effect (start)
21 September 2017
Foreseen end date
Description
On 21 September 2017, the German textile company Color Textil confirmed the closure of its factory in Frankenberg, resulting in the loss of 150 jobs. In March 2017, a large part of the factory was destroyed in a fire causing a halt in production. Due to financial difficulties which are a result of a decreased number of orders as well as tough insurance negotiations, the factory will not be rebuilt and officially shut down.
Management announced that the job reduction will be socially acceptable and according to a social plan which will be negotiated as soon as possible.
Sources
21 September 2017: Peppermint (online)
18 October 2017: Süddeutsche Zeitung (Online)
Citation
Eurofound (2017), Color Textil, Closure in Germany, factsheet number 92336, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/92336.
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