BUT-S

Type
Bankruptcy
Country
Poland
Region
Makroregion centralny; Łódzkie; Miasto Łódź
Location of affected unit(s)
Łódź
Sector
Manufacturing
(13 - 15) Manufacture of textiles, apparel and leather
15 - Manufacture of leather and related products of other materials
15 - Manufacture of leather and related products of other materials
300 jobs
Number of planned job losses
Job loss
Announcement Date
9 June 2005
Employment effect (start)
1 June 2005
Foreseen end date
30 September 2005

Description

Shoes manufacturer BUT-S announced insolvency and was forced to cut 300 jobs in its Łódź (Łódzkie) manufacturing facility. The company claims that it was not able to face competition from Chinese producers. It also complains about poor relations with its main creditor - Bank Pekao. According to some business experts, bad management was one of the reasons for this insolvency.

Sources

  • 6 June 2005: Rzeczpospolita
  • 9 July 2005: Rzeczpospolita

Citation

Eurofound (2005), BUT-S, Bankruptcy in Poland, factsheet number 61931, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/61931.