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 traditional textiles manufacturer F.M. Hämmerle Textilwerke, headquartered in Dornbirn (Vorarlberg), filed a petition in bankruptcy on 31 July 2008. Accumulated debts of the company have amounted to around €6 million. 312 employees (among which are 160 blue-collar workers) and about 300 creditors are affected by the insolvency, all the former stand to lose their jobs. This was released by the newspaper ‘Der Standard’ on 31 July. According to the firm’s CEO, Josef Hahnl, this year’s order intake has been decreased by 50% compared with the previous year. This is due to permanently deteriorating market conditions for the European textile industry, which can no longer compete with Asian low-standard production. Therefore the insolvency has become inevitable. A re-employment scheme is planned to be set up for the workers concerned. On 27 August 2008, the official receiver announced the planned take-over of the insolvent company by the India-based OswalGroup, which allegedly intends to continue production, with a strongly reduced workforce though.
Eurofound (2008), F.M. Hämmerle Textilwerke, Bankruptcy in Austria, factsheet number 67013, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/67013.
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