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.
Meopta-optika, a Czech manufacturer of optical devices, has announced 200 job cuts during May and June 2020. The company will lay off about a tenth of its staff.
The internal restructuring is mainly due to a drop of company's orders of almost 20%, caused by the COVID-19 crisis.
The director of the company declared that this measure is functional to keep the company going and to start an opportunity for recovery, that is expected in the autumn months. The company is going to start negotiations with trade unions to manage the internal restructuring process.
Meopta-optika is the largest employer in the region. The firm is one of the major manufacturers of sports binoculars and riflescopes. It also produces various optical systems for military purposes. Meopta-optika exports products to more than 50 countries, mainly to the European Union, the United States and Israel.
UPDATE 30/5/2020 Meopta-optika announced a further 200 job cuts due to falling demand as a result of the COVID-19 pandemic. The total number of redundancies is currently at 400.
Eurofound (2020), Meopta-optika, Internal restructuring in Czechia, factsheet number 100588, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/100588.
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