Suberus

Type
Internal restructuring
Country
Portugal
Region
Continente; Norte; Área Metropolitana do Porto
Location of affected unit(s)
Santa Maria da Feira
Sector
Manufacturing
(16 - 17) Manufacture of wood and paper materials
16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
300 jobs
Number of planned job losses
Job loss
Announcement Date
5 February 2009
Employment effect (start)
28 February 2009
Foreseen end date

Description

Suberus, the country's second largest cork manufacturer located in Santa Maria da Feira, is on the brink of bankruptcy. Out of five units, four have declared bankruptcy - the cork transformation units Vivicor and Subercor; the real-estate management agency Inosuber and the trading unit Subergal. This decision will affect 300 workers out of a total workforce of 500. The workers have not received their wages since last December. The bankruptcy of the four units is attributed to the sharp decline in orders and significant export market loss (70%).

Sources

  • 5 February 2009: Jornal de Notícias

Citation

Eurofound (2009), Suberus, Internal restructuring in Portugal, factsheet number 68361, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/68361.