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.
TCT Ecimex in Rožnov pod Radhoštěm, a classical vacuum TV screen producer, is going to be declared bankrupt and all 1,000 workers are threatened. The main reason is a sharp decrease of customer demand and a big debt burden reaching nearly one billion CZK. This region of the Czeck Republic is characterised by multiple deprivation with one of the highest unemployment rates in the country (11 %).
The job cuts of 270 employees have been achieved through trial period and another 150 redundancies occurred on voluntary basis. The remaining personnel will get notices by the end of April 2006. Overall 978 workers have been given compensation (a total of 13.2 million CZK) from a local labour office within the context of decreased economic means due to the loss of earnings in January and February 2006.
Eurofound (2006), TCT Ecimex, Bankruptcy in Czechia, factsheet number 63099, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/63099.