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 multinational company Boxmark Leather, a subsidiary of the Austrian H. Schmidt Holding, has suspended production at its plant in Gornja Vrba near Slavonski Brod, and 259 employees will lose their jobs. The company decided to close the plant because of disrupted supply chains and shortages of components for passenger cars, especially chips and semiconductors, since the volume of production in the automotive industry in 2020 and 2021 significantly lowered because of the COVID-19 pandemic.
As in 2022, no noticeable recovery is expected, the company decided to close the plant in Gornja Vrba at the end of November 2021. The company’s workforce will primarily seek employment in the area of their residence. The company sent a letter to other employers from Brod-Posavina County informing them of the situation and published advertisements to help workers find new quality jobs. All workers covered by the procedure of collective redundancy are eligible for severance payments by Croatian law.
Eurofound (2021), Boxmark Leather, Closure in Croatia, factsheet number 105685, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/105685.
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