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.
Interattica, one of the biggest courier companies in Greece, has closed down, and its 214 employees lost their jobs. The company announced on April 9th, 2010 that is going bankrupt and as such the employees will no receive any compensation. The courier firm had shown revenues of 12 million euros in 2008, but had also accumulated losses of 10 million euros, after becoming the fourth-largest company in that industry in the Greek market in 2006. Following the announcement all exits to the building were blocked by workers, trapping the local management inside. Communication was swiftly established with representatives of the company's headquarters in Paris and a few hours later the management submitted a written guarantee that all workers will be compensated within the next month. A workers' committee remained in the building, guarding the company's valuables, until all compensations are paid off. French mail group La Poste held a majority stake at the firm. This is the same group that in the past had expressed an interest in the Hellenic Post courier subsidiary. Interattica, set up in 1990, expanded rapidly across Greece and in 2001 Piraeus Bank acquired a 60 percent stake. In January 2006, it came under the control of La Poste through its GeoPost subsidiary, as the French mail group had considered it a vehicle through which to enter the Greek courier market.
Eurofound (2010), Interattica, Bankruptcy in Greece, factsheet number 70481, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/70481.
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