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.
Manufacturing Manufacturing Of Furniture And Other Manufacturing Other Manufacturing 32.2 - Manufacture of musical instruments
360 jobs Number of planned job losses
Announcement Date
19 March 2004
Employment effect (start)
30 April 2004
Foreseen end date
30 April 2005
Description
Petrof, Europe´s largest piano manufacturer, has been undergoing a serious sales crisis since the beginning of 2004. The management of the company had to close four plants (sites in ÄŒeská LÃpa, Liberec, Moravský Krumlov, JiÅ™Ãkov) and to let go 360 workers during a one-year period. Main restructuring reasons are following: unfavourable exchange-rate, decreasing world demand and the price competition of musical instruments from China.
Sources
2 May 2005: Hospodárske noviny
19 March 2004: Hospodárske noviny
Citation
Eurofound (2004), Petrof, Internal restructuring in Czechia, factsheet number 61533, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61533.
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