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 Manufacture, Printing And Reproduction Of Recorded Media Printing And Reproduction Of Recorded Media 18 - Printing and reproduction of recorded media
113 jobs Number of planned job losses
Announcement Date
12 May 2005
Employment effect (start)
13 May 2005
Foreseen end date
13 May 2005
Description
The traditional printing office Omega situated in Vienna closed production completely on 13 May 2005, exactly one month after adjudication in bankruptcy. As a consequence, 113 employees lost their jobs. The company was Austrias market leader in producing manifold paper, delivery books and blank forms. However, since a growing number of people has seized the opportunity to download blank forms from the world wide web and print them on their own, sales have significantly decreased during the last years. In the end, the company ran at a loss of 150,000 per month. It remains unclear whether a re-employment scheme will be introduced.
Sources
12 May 2005: Wirtschaftsblatt
12 May 2005: Der Standard
Citation
Eurofound (2005), Omega, Bankruptcy in Austria, factsheet number 61600, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61600.
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