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.
By the end of May 2005, the company Clujana will resume its footwear production. Initially, the company will not use its own trademark, as it signed two lohn-system contracts (one with an indigenous firm and one with a foreign company) for the delivery of 18,000 uppers.
The company intends to hire 70 workers in the upper sewing and cutting sections, and over the following two months, the number of employees is expected to rise to 200-300, depending on existing orders.
Clujana was closed down in 1999, following payment arrears of €10 million. Half the debts were recovered by selling company assets, the rest were converted into shares. The Cluj County Council, which now holds 13% of company’s shares, also invested for the recovery of Clujana. Currently, the company plans to have the sole-fitting section functional also by August 2005. ‘If we succeed in securing a segment of market we will switch to production under our own trademark entirely’, the factory manager declared.
Eurofound (2005), Clujana, Business expansion in Romania, factsheet number 61452, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/61452.
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