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 Géneros de Punto Ferrys is specialised in the manufacture of textiles and owns two production centres in Valencia (in Canals and in Benifaió). On 20 April 2005, the company announced it would present a job reduction plan concerning 500 employees (approximately 50% of the workforce). Other measures included in the feasibility plan of the company were the delocalisation of its activities, and the continuation of the activity once the company managed to finance 75% of its debts. On 16 June 2005 the company cut down the number of redundancies in the restructuring programme to 209 employees, 41% of its workforce. Trade unions insisted on the supression of the restructuring programme altogether since sales dropped by 15% as opposed to the expected 50% previously announced by the company. The management responded that the job reduction plan could be supressed if the company received external financing from the regional Institute of Financing, IVF( Instituto Valenciano de Finanzas) or from private investors. On 29 July 2005 the job reduction plan presented by the company was finally accepted and the total number of redundancies was 150. On 19 April 2007 the company announced its closure with the loss of all 300 remaining jobs. In the past two years, the company's workforce had gone down due to four employment restructuring plans (EREs in its Spanish acronym, Expediente de Regulacion de Empleo), that had decreased total employment from 1,700 to 300. There are still some slight possibilities that the closure might be prevented if the facilities are acquired by another company. In spite of millions of euros invested by public administration and new private investors, and despite posting benefits in 2006, this household name in Spanish textiles is closing after being unable to adapt to increased foreign competition in the sector.
Eurofound (2005), Géneros de Punto Ferrys, Closure in Spain, factsheet number 61502, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61502.
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