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 company and a major employer in the Estonian North-Eastern region. During 2007 and 2008 the company plans to lay off nearly 800 employees due to increased production costs. The prices of water, gas and electricity have increased significantly recently and also the salaries of employees need to be raised. The manager of the company believes that Kreenholmi Valdus can be saved from closing down if the production concentrates more on sewing and finishing textiles instead of spinning and weaving. In last two years the turnover of employees has been about 800 by the estimations of the manager, thus he does not believe that the restructuring will create serious problems for the workers.
In June 2007, the Estonian Labour Market Board announced that in collaboration with some partners within a project they would help 360 former employees of Kreenholm to return to the labour market, offering retraining and consultation.
In October 2007 Kreenholmi Valdus announced that in June 2007 the company had laid off 63 employees and in September 2007 154 people had lost their jobs. In January 2008 the company plans to additionally reduce the workforce by 364 employees. However, for the layoff of the remaining 219 employees of the earlier announced 800, there is no time specified yet.
Eurofound (2007), Kreenholmi Valdus, Internal restructuring in Estonia, factsheet number 65178, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/65178.
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