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.
Greek clothing and footwear retailer Sprider Stores, member of the Hatzioannou Group is closing down and about 800 employees will remain jobless. The management of the company announced the suspension of its operations and the closure of all its stores. The company had filed for protection from its creditors under Article 99 of the Bankruptcy Code but it has not been approved by the First Instance Court.
According to the company the main reason for closing down is banks’ refusal to continue funding. The company has debts amounting to some €90 million to creditors and suppliers.
As announced the company plans to sell its sizeable assets in a bid to settle down its debt and secure the compensation payment of the laid off employees.
Updated, 07-10-2014: The European Commission has proposed to provide Greece with €7.2 million from the European Globalisation Adjustment Fund (EGF) to help 761 former workers of the clothing retail chain Sprider Stores to find new jobs, and to extend its support to 505 young people not in employment, education or training (NEETs). The proposal now goes to the European Parliament and the EU's Council of Ministers for approval.
Eurofound (2013), Sprider Stores, Bankruptcy in Greece, factsheet number 75924, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/75924.
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