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.
Pasha, a Hungarian subsidiary of the French Chantelle Group, will end its operation by July in Dombóvár. The closure will make 205 employees redundant.
The firm already began negotiations with the works council and intends to go beyond what is legally compulsory regarding redundancy payment. Besides, it hired a labour-market consultancy firm to help employees to find new employment in – or in the vicinity of – Dombóvár. Also, the management still tries to find an investor that could resume operation under the aegis of another firm.
Pasha was one of the largest employers in Dombóvár, a town with relatively depressed local economy. The plant produced high-end lingerie. During the last decade, it has gradually moved toward higher value-added activities: beside sewing, product development activities were also conducted in the firm. Recently, however, traditional high-end lingerie producers underwent a significant market share loss globally, due to advancing fast fashion producers. This trend made the plant unprofitable, its well-managed operation and loyal workforce notwithstanding.
Eurofound (2019), Pasha, Closure in Hungary, factsheet number 97803, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/97803.
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