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 Finnish house construction company Jukkatalo has been declared bankrupt and the 180 employees have been made redundant with two weeks' notice. In addition, some of the workers have been laid off before the bankruptcy decision and will continue their forced leave for two weeks. Employees who were still working during the lay-offs will continue to work until the end of the notice period.
The company has gone bankrupt due to its weak financial situation during the spring and summer of 2023. Rising raw material prices and challenges in sourcing increased costs and made it difficult to complete projects. This in turn led to a reduction in orders. The CEO states that the decrease in orders for the rest of the year made it impossible for the company to survive financially.
According to the employees' chief shop steward, until the week before the bankruptcy decision the employees were assured that work would continue until the end of the year. An occupational health and safety representative advised that the employees were expecting their paychecks the Friday after the dismissal date. However, it will not be possible to pay their wages, which will be handled by the insolvency administrators and the wage guarantee fund. According to the representatives, this has raised financial concerns among workers.
Jukkatalo is one of Finland's largest house construction companies. It employed 180 people in Finland, out of which almost half in the municipality of Pyhäntä.
Eurofound (2023), Jukkatalo, Bankruptcy in Finland, factsheet number 200248, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/200248.
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