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.
The window-manufacturer Wick in Vorchdorf, Upper Austria, is about to close its production facility, causing 200 job cuts, affecting up to 316 employees in total. Around 60 employees were dismissed in April 2020. After 119 years in operation, conflicts of the owner family and the losses in sales during winter 2019/2020 have led to the final decision to close the facility. The financially stricken company filed for administration in early 2020, at the beginning of the outbreak of COVID-19. Under this circumstance, the company was not able to apply for state-funded short-term work benefits during the pandemic and could not prevent early dismissals. The union requires the establishment of a labour foundation to support the employees.
Eurofound (2020), Wick, Bankruptcy in Austria, factsheet number 100692, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100692.