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.
The Natuzzi group - one of the world’s leading designers and manufacturers of upholstered furniture – is to cut around 1,200 jobs. The company announced the reorganisation plan 2008-2010 that envisages a relevant reduction of the production costs in order to increase the company’s profitability and turnover. The plan envisages the loss of around 1,200 jobs, with the likely closure of two out of the five plants located in Puglia.
In the next days, the company, the trade unions and the local authorities will attempt to involve the government in order to find adequate measures to tackle the economic crisis of the Italian sofa industry. The crisis is principally due to the greater market competition by manufacturers located in countries where labour costs are significantly lower than in Italy and the unfavourable euro/dollar exchange rate.
On 18 June 2008, the company, the trade unions and the Ministry of Labour reached an agreement that envisages, for the 1,200 redundant workers, the recourse to the ‘special’ Wages Guarantee Fund, a ‘social shock absorber’ that intervenes in cases of restructuring, reorganisation, closure, change of activity or economic difficulties. The scheme will last one year.
The Natuzzi group is the one of the world leading manufactures of upholstered furniture. The company’s plants are concentrated in Southern Italy, between the Puglia and the Basilicata regions. Since 1970, in these regions, the district of Italian sofa industry has developed around Natuzzi, which is the leading company. The company exports 90% of its production to 135 countries, employs around 3,800 workers in Italy and around 3,000 workers in China, Brazil and Romania.
Eurofound (2008), Natuzzi, Closure in Italy, factsheet number 66702, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/66702.
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