Type
Bankruptcy
Country
Portugal
Region
Continente; Norte; Grande Porto
Location of affected unit(s)
Gondomar
Sector
Manufacturing
Manufacture Of Material For Textiles, Apparel, Leather And Related Products
Manufacture Of Textiles
13 - Manufacture of textiles

150 jobs
Number of planned job losses
Job loss
Announcement Date
8 January 2009
Employment effect (start)
Foreseen end date
1 January 2009

Description

Silva & Sistelo, a textile company which has operated for 55 years, has announced the loss of 150 jobs with the closure of its factory in Gondomar. The decline in orders and the difficulty to find financial partners to continue its business are the main reasons for the bankruptcy. The main creditors of the company are 4 banks and IAPMEI (Institute for the Support to Small and Medium Enterprises and Innovation).


Sources

  • 8 January 2009: Público

Citation

Eurofound (2009), Silva & Sistelo, Bankruptcy in Portugal, factsheet number 67867, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67867.