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 Manufacturing Of Furniture And Other Manufacturing Other Manufacturing 32 - Other manufacturing
120 jobs Number of planned job losses
Announcement Date
26 July 2006
Employment effect (start)
1 November 2006
Foreseen end date
17 November 2006
Description
On 26 July 2006 Menrad Company Ltd, a manufacturer of spectacles, announced that it would be terminating all its operations in Malta, and in so doing, laying off about 120 workers. At its peak, this German company which has been operating in Malta for the past 30 years, used to employ up to about 800 workers. The company has been suffering from financial difficulties and has been laying off workers for the past years. A spokesperson of the organisation stated that under current circumstances, the costs of producing spectacle frames in Malta are no longer sustainable and therefore the company is forced to shut down its local operations. The companys management also pointed out that it would honour all the obligations it had towards its employees as stipulated in the companys collective agreement. The General Workers Union (GWU), which represents Menrad employees, is in contact with the company. On 17 November Menrad completely closed down its operations, laying off the last 40 employees.
Sources
17 November 2006: L-Orizzont
27 July 2006: The Times of Malta
Citation
Eurofound (2006), Menrad Company Limited, Closure in Malta, factsheet number 63832, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/63832.
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