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.
On 29 February 2008 IG Latvia announced that it will close its facility in Latvia by the end of March 2008. All 238 workers will lose their jobs. IG Latvia is a production unit of UK based enterprise International Greetings which designs, manufactures and sells greetings products, including gift wrap, accessories such as gift tags, bows and ribbons, Christmas crackers, Christmas cards and stationery. The factory in Latvia opened in early 2005, initially producing cards and tags together with some bows, ribbons and accessories. During the first operation year in Latvia the company invested approximately 3.5 million EUR, and hired approximately 200 employees. In 2006 the investments in Latvia's facility had been suspended for 12 to 18 month. Still the representatives of the company promised that there was no threat that future plans would change. In late February 2008 International Greetings announced that all operational activities in the Latvian factory have been discontinued, with goods previously manufactured in that location now being produced at the International Greeting's factory in China or outsourced.
Eurofound (2008), IG Latvia, Offshoring/Delocalisation in Latvia, factsheet number 68268, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68268.