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.
Substantial job losses were announced at one of the biggest textile companies and major employer in the North-East region of Estonia. It was thought that about 500 jobs are at risk among the 3,500-strong workforce. During the year 2004 and the first half of year 2005 the firm cut more than 1,000 jobs. Kreenholmi Valdus has been badly hit in recent years. Firm has yield losses and has negative turnover since 2003. Due to internal restructuring, dismissals and improving the machinery the negative trend has stopped.
In spite of feared 500 dismissals the enterprise actually cut 376 jobs during the year 2005.
Eurofound (2005), Kreenholmi Valdus, Internal restructuring in Estonia, factsheet number 61549, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61549.