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.
Textile company Ittierre is to close and dismiss about 600 workers employed at the plant in Pettoranello del Molise (Isernia) as well as other units located in Bagnolo S. Vito (Mantova), Montaquila (Isernia) and Valmontone (Rome).
The decision follows a long period of crisis of the company, which is under insolvency proceeding.
The exits will affect mainly blue-collar workers. Since the length of unemployment benefits (the so-called 'indennità di mobilità') will be shortened starting from 2015, the management and unions agreed to enact immediately procedures for voluntary dismissals. These should affect about 300 workers, whilst the other half should leave the company starting from April 2015, when the short-time working allowances are due to expire.
Update, 30/07/2015: The investment company Ikf leased an Ittierre branch by means of its subsidiary OTI. Subsequently, it agreed with unions to hire back at least 40 Ittierre workers.
Update, 20/05/2017: OTI did not succeed in rescuing Ittierre. Both OTI and Ikf are currently under insolvency proceeding as well; the 40 OTI employees are still receiving short-time working allowances. As those are to expire by the end of June, the liquidator opened a collective dismissal procedure involving all the staff.
There is still hope to relaunch the plant of Pettoranello del Molise, as public subsidies to fund investments in the area should be made available over the next weeks.
Eurofound (2014), Ittierre, Bankruptcy in Italy, factsheet number 91320, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/91320.
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