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 textile company Tor, established in Barcelos since 1959, has closed this month. The closure is due to cumulative losses which included debts to the workers as well as a decline in orders and raw materials. The 250 workers affected by the closure of the company now demand the payment of the August and September wages plus holiday pay. According to the representatives of the textile trade union of Minho it will be suggested to the workers to put the contracts on hold in order to be able to receive the unemployment benefits as soon as possible. The workers also proposed to the company the request of insolvency since there is no money to cover the wages in debt. This factory used to give jobs to many local families, in some cases over two generations.
Eurofound (2008), Tor, Closure in Portugal, factsheet number 67155, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/67155.