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.
In September 2008, clothing manufacturer Berwin Ruhagyár announced the closure of its plant in Nyíregyháza with the loss of 395 jobs. Although the company requested governmental subsidy to save the jobs, only the jobs at the production facility in Vásárosnamény, which employs 600 people, were secured.
The decision to close the site was motivated by the great fluctuation in the exchange rate between the Hungarian and English currencies. As the company exports 98% of its Hungarian production to the UK, large difference in exchange rates made local production too expensive.
The Nyíregyháza plant was bought by Berwin & Berwin, based in Leeds, in 1992 together with other three plants of which only two remain operational. The company produces mainly suits and quality menswear.
Eurofound (2008), Berwin Ruhagyár, Closure in Hungary, factsheet number 70013, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/70013.