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.
Ricosta Croatia, a footwear manufacturing subsidiary of the German company Ricosta GmbH, announced the closure of its production plant in Vukovar, Croatia, resulting in approximately 120 job losses, mostly affecting female workers aged between 50 and 60.
The company stated that the main reason is the increase in Croatia’s minimum wage, which makes production less profitable. Ricosta will continue producing shoes in Hungary, Romania, and Bulgaria, where labour costs are lower. Workers will receive notice periods of up to three months and severance pay, while the factory building and land will be put up for sale.
The plant opened in 2016 with 64 employees and expanded to 124 workers by 2020. Despite earlier plans to grow further, declining sales and rising costs led to financial losses and closing. Local authorities are now trying to help former employees find jobs in other companies or retire early.
Eurofound (2026), Ricosta Croatia, Closure in Croatia, factsheet number 204346, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/204346.