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.
The textile company Azincon has declared insolvency. This process will affect all 150 workers. The workers had already gone through a lay-off situation between March and April, due to the contingencies of the Covid-19 pandemic. In August they received a letter giving notice of the insolvency application.
The Covid-19 outbreak was the main reason for the insolvency pointed to by the company, insofar as it worsened the problems that had been going on for two years, losing the company more than 250,000 euros. Additionally, the lack of orders from the exclusive customer - the Inditex group, owner of the Zara stores - and the "unbearable costs" of the new rules imposed by the health authorities, namely the "increased distance" between workposts and shift work are other reasons that led to insolvency. according to management.
According to complaints by worker representatives, the wages of July and August and the respective compensations were not paid,. Additionally, the documents that allow workets claim unemployment benefits have not been delivered to them.
Eurofound (2020), Azincon, Bankruptcy in Portugal, factsheet number 101603, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/101603.
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