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 commercial court in Saint-Brieuc in Côtes-d'Armor has declared the compulsory liquidation of E-Loft, a company specialising in the manufacture of timber-framed modular homes, leading to the redundancy of its 167 permanent employees and around 40 temporary workers. Located in Ploufragan (Côtes-d'Armor), the company filed for bankruptcy last March. A secondary site at Haulchin (Hauts-de-France) will also be closed. The company had accumulated €32 million in debt, including €3.3 million payable in the short term, on average annual sales of €13 million. According to the Commercial Court, the company was facing two major difficulties: it was having difficulty passing on rising construction costs (raw materials, energy, etc.) in its prices. And its initial business model, based on standardised construction, no longer corresponds to market demand, which is more focused on individualisation. Two takeover bids were rejected by the court as insufficiently robust.
Eurofound (2023), E-Loft, Bankruptcy in France, factsheet number 109195, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/109195.
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