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.
Lipa, producers of wooden furniture in Ajdovščina in NW Slovenia, is to cut 110 jobs.
At the end of April the owners decided that the company, which has three production units (sawmill, kitchen furniture and chairs) and employs 220 workers, is to be liquidated. They say this is the best way to restructure the production in a controlled way and to keep potentially successful parts of the production. The idea is to keep sawmill and production of kitchen furniture, while production of chairs is to be terminated. It is expected that approximately half of the employees will lose their jobs. The owners are now trying to find a strategic investor who would buy the viable parts of the company.
Lipa, which is majority owned (57%) by Vipa Holding, has been experiencing severe financial difficulties for some time and over the last seven years it had accumulated EUR 12 million of losses (of that EUR 600.000 in the first three months of 2008) which has been covered mostly by selling of the non-productive assets.
Eurofound (2008), Lipa, Internal restructuring in Slovenia, factsheet number 66597, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/66597.
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