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.
Yankoo, a Spanish shoe manufacturer, announced on 10 August 2006 that it is going to dismiss 115 employees (70% of its workforce of 170 employees) in the factory it has in Mallorca (Islas Baleares).
This company filed for temporary receivership October 2005 and announced that it would end up employing only 15 people.
In May 2006 the employees went to courts and tried to sue the company arguing that Yankoo had tried to evade responsability by selling one of the buildings of the factory to a purchaser that did not know that 60 employees worked in it. However the trial did not take place.
Apparently, when the company filed for temporary receivership in 2005 its intentions were to offshore its activity to India but this has not been possible.
Eurofound (2005), Yanko, Internal restructuring in Spain, factsheet number 64453, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/64453.