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.
Two Estonian subsidiaries of the Norwegian producer and wholeseller of frames, the Artlink company, will be closed down and 101 jobs will be lost during March 2009 due to the bankruptcy of the corporation. The manufacturer of picture frames, Artlink Production AS will dismiss 97 and the selling subsidiary Artlink Baltic AS will dismiss all 4 workers. The corporation that operated mainly in Scandinavian countries, will close down or sell all factories and marketing units.
According to the director of the production unit of Artlink Productions, problems started to occur already in the autumn of 2008. Accroding to his assessment, the main reason for bankruptcy lied in the disagreements over refinancing between owners in the main corporation. Furthermore, the company undertook smaller scale redundancies already during 2008 in their production units showing signs of difficulties.
The member of the board of Artlink Productions took the initiative to try to save the production unit in Estonia. New possible investors were already found, but it was decided that the risks of keeping the comapny are too high due to the bankruptcy of the whole group.
Artlink Productions specialised on the manufacturing of picture frames and framing pictures and mirrors. The company had been employing more than 100 workers for over 15 years in the region. Many of the workers losing their jobs had been employed in the company for over 10 years.
Eurofound (2009), Artlink Production, Bankruptcy in Estonia, factsheet number 68478, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/68478.
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