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.
Visatex, a German-owned tailoring company operating in Visaginas since 1997, is planning to declare bankruptcy and lay off around 300 people. After "long and intensive negotiations", the company has failed to agree on further cooperation with major buyers of its products in Scandinavia and Germany. The main reason for the cancellation of orders and the suspension of production is the company's annual increase in production costs, which eventually made the company uncompetitive. The company might also be moving production to lower costs countries.
The company has suspended production since 2 December, putting all employees on furlough. In January, the company's manager will take the company to court for closure. A total of 298 redundancies are expected. The company has indicated that it intends to inform the PES of the group redundancy.
Eurofound (2024), Visatex, Bankruptcy in Lithuania, factsheet number 202071, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202071.
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