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.
Herendi Porcelánmanufaktúra plans to reduce the number of its employees. The company is likely to close its worst year ever. The 7.2 billion Forint turnover originally planned for 2005 is to be about 1.5 billion Forint less, and the loss will amount to some 100 million Forint. The company's main aim is to stabilize its position in the market, which is expected to be rather difficult, because the entire luxury industry is in a critical situation worldwide. The porcelain manufacturer is taking restrictive measures by laying off over 200 workers of its current staff of 1,350 by the end of 2005, and by halving the senior management's salary.
Eurofound (2005), Herendi Porcelánmanufaktúra, Internal restructuring in Hungary, factsheet number 62512, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/62512.