Type
Bankruptcy
Country
Lithuania
Region
Lietuva; Telsiu apskritis;
Location of affected unit(s)
Plunge
Sector
Manufacturing
Manufacturing Of Furniture And Other Manufacturing
Manufacture Of Furniture
31 - Manufacture of furniture

130 jobs
Number of planned job losses
Job loss
Announcement Date
11 June 2008
Employment effect (start)
Foreseen end date
11 June 2008

Description

Minija, one of the oldest wood processing and furniture producing companies in Lithuania, announced its bankruptcy on 11 June, 2008. All 130 employees working in the company were dismissed. According to the administration, the main causes of the closure were raising wood prices and high competition in furniture production market. The company’s debt to creditors amounts to about 3 million LTL.


Sources

  • 11 June 2008: Verslo zinios

Citation

Eurofound (2008), Minija, Bankruptcy in Lithuania, factsheet number 66748, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/66748.