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.
Turkish holding Menderes Tekstil Sanayi ve Ticaret is closing its factory in Svilengrad, Bulgaria. The decision was taken by the Management on 26 August 2005, and the local office of the employment service was informed that 178 workers will be dismissed within a 30 days period. The company refused to explain reasons behind this move. According to Turkish sources, the lowered textile prices on the international market and the increased raw materials costs came as the principal reasons for this decision.
Since the creation of the factory in 2002 through a green field investment, $6 million were invested in two stages resulting in the expansion of the production and the creation of 178 working places. Menderes factory was one of the biggest Turkish textile factories based in Bulgaria with a daily production of 70 – 80 000 metres. Most of the production, after additional reprocessing in Dinizli, Turkey, was exported to the USA. With a large increase of profit in 2003, managers announced their plans to offshore more activities in Bulgaria. With the recent changes in the textile industry, their intentions have obviously changed.
Eurofound (2005), Menderes Bulgaria Ltd., Closure in Bulgaria, factsheet number 62175, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62175.
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