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.
As a consequence of the bankruptcy of its parent company announced on 23 December 2008, Eybl Hungary initiated a liquidation process. Although the liquidator decided to maintain production, aiming to sell a working company, layoffs have been announced to cut costs for the interim period. The Hungarian subsidiary has four production facilities and had been employing 1,795 workers before layoffs started. In the first wave, even before the parent company's bankruptcy notice in December 2008, 230 workers were made redundant in an attempt at cost saving. Then in January 2009 the liquidator announced a new mass redundancy affecting other 250 employees.Eybl, with headquarters in Krems (Austria), was funded in 1868. The company had produced curtains and carpets before starting to manufacture textiles for the interior equipment of cars and car seat covers made of fabric and/or leather.
Eurofound (2009), Eybl, Bankruptcy in Hungary, factsheet number 68277, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68277.