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 Manufacture Of Material For Textiles, Apparel, Leather And Related Products Manufacture Of Textiles 13 - Manufacture of textiles
500 jobs Number of planned job losses
Announcement Date
28 March 2007
Employment effect (start)
Foreseen end date
Description
Texlen Trutnov, one of the largest Czech textile companies, declared bankruptcy at the beginning of March 2007. The reasons stated were competition from Asian producers, increasing energy prices and CZK exchange rate. The bankruptcy was to threaten over 900 jobs in a region already suffering from a relatively high unemployment rate (8,3 per cent) in the Czech Republic.
On 9 May 2007, the company announced it will dismiss about 200 people by the end of June 2007. It was also reported that some 300 workers have quit the firm during the past four months and the production will continue with roughly 400 people
Sources
28 March 2007: Právo - Východní Čechy (www.pravo.cz)
9 May 2007: Hospodárske noviny
Citation
Eurofound (2007), Texlen Trutnov, Bankruptcy in Czechia, factsheet number 65173, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65173.
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