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 Varvaressos Company, one of the most historic industries in the textile sector based in Naoussa, established in 1974, announced on April 29, 2024, its closure and the dismissal of its 130 remaining employees. The 130 employees, the last ones remaining at the factory, are now being driven into unemployment. Over recent years, many workers had already left, either due to retirement or voluntary resignation, without receiving their unpaid wages. The total amount owed by the company to all employees, including unpaid wages and severance, is estimated at 7 million euros.
Its financial troubles with employees began much earlier, in 2019. Employees had sought legal recourse, engaged in labor strikes, and the employer had been attempting to find solutions to sustain the business. The government was aware of the situation and made efforts to mediate a resolution.
However, according to the president of the employees’ union and vice-president of the Naoussa Labor Center, “On April 29, the company’s management informed the 130 employees of the factory’s production suspension and requested that they sign their dismissal papers without offering either the unpaid wages owed over the years or the severance pay they are entitled to".
Employees have been mobilizing for approximately five years, since the problems first began.
Eurofound (2024), Varvaressos, Closure in Greece, factsheet number 202175, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202175.
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