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.
On 14 December 2004 the prominent shoe manufacturer Gallus located in Wolfsberg (Carinthia), which is owned by the Dutch GS Properties group, filed for bankruptcy. According to the management, this is because a major investor has withdrawn from further engagement. The insolvency will affect 185 employees, most of them women. To fulfil the present order book, production is planned to be continued until the end of March 2005. At present, the regional government of Carinthia is considering granting an indemnity bond which could secure part of the jobs.
Eurofound (2004), Gallus, Bankruptcy in Austria, factsheet number 60914, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/60914.