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

800 jobs
Number of planned job losses
Job loss
Announcement Date
20 October 2008
Employment effect (start)
20 October 2008
Foreseen end date
20 October 2008

Description

On 20 October 2008, Venta, a producer of chairs and tables in Siauliai, closed down with the loss of 800 jobs. The main cause of the closure was the fall in demand for the company products. According to the management, Venta had a loss of 9 million LTL in 2007. Now the management intends to rent out the equipment so the company could gradually pay its suppliers and creditors.


Sources

  • 20 October 2008: Verslo zinios

Citation

Eurofound (2008), Venta, Closure in Lithuania, factsheet number 67302, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67302.