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 company Jesmar is specialised in the manufacture of dolls for children and is based in Biar (Alicante, Valencia, Spain). The company, founded in 1946, announced its closure after registering financial problems since January 2001. This measure will create 250 redundancies. Strength of the euro and the strong competitiveness of Chinese products have anticipated the measure, the management admitted. No job reduction plan has been presented yet to the regional authorities.
On 13 April 2005, the company Habitat Humano announced its intention to buy the Jesmar company and to guarantee the continuing of the jobs and activities. Regional authorities have proposed to mediate the talks between both companies.
On 18 October 2005 and after several negotiations with the IVF (Regional Financing Institute of Valencia, Spain) the closure of the plant has been definitively agreed by the management and labour representatives. The Unions are trying now to relocate the dismissed employees to other companies with the aid of the regional authorities.
Eurofound (2005), Jesmar, Closure in Spain, factsheet number 61304, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61304.