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.
Kreenholmi Valdus is one of the biggest textile companies and a major employer in the Estonian North-Eastern region. In 2005 Kreenholmi Valdus dismissed 376 employees and it was the biggest dismissal during that year in Estonia. This year a new reduction of 300 employees will take place because of low turnover. Although there have been speculations about Boras Wäfveri moving away from Estonia their production selling at a loss, Boras Wäfveri has disconfirmed these speculations. Competing producers from India and China can produce cheaper as they do not have to meet the claims on social or environmental protection validated in Estonia and in the European Union. This is considered to be one of the main reasons of the low profits of Kreenholm. Also, 21 employees of Boras Wäfveri in Sweden will be dismissed.
Eurofound (2006), Kreenholmi valdus, Internal restructuring in Estonia, factsheet number 63609, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/63609.
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