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.
Due to insolvency, the Austrian textile processing and finishing company GasserKunert is to make 65 of its 254 workers redundant. There is no information on when the job cuts will be implemented by.
The company, which is located in Rankweil, in the westernmost province of Vorarlberg, was established in October 2009 following the takeover by Gasser. The newly created company was then one of the largest textile finishing companies in Europe employing some 260 workers.
The hope was that the merger of the two companies would lead to an increase in market opportunities. However, unexpected problems emerged when different processes had to be reorganised which resulted in a decline in productivity. The company had an annual loss of EUR 4.8 million in 2010/11 and has accumulated between EUR 8 and 9 million in debts.
Eurofound (2011), GasserKunert, Internal restructuring in Austria, factsheet number 72245, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72245.
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