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.
Manufacturing Manufacture Of Wood And Paper Materials 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
120 jobs Number of planned job losses
Announcement Date
3 December 2008
Employment effect (start)
3 December 2008
Foreseen end date
18 March 2009
Description
Újkígyósi Falemez Üzem Kft., a producer of plywood and wood supplier of the furniture industry, dismissed 120 workers as the company was unable to settle its HUF 1000 million (EUR 3,279,000) debt with its creditors. Problems arose right after the company changed its legal status to limited liability company early in the summer 2008. The company was not able to pay workers' wages from July and finally, from September onwards, it stopped production. The company is currently under liquidation process. Although a few years ago the company employed almost 300 workers, the number of employees descreased to approximately 150 by summer 2008, going further down to its current number of 120. The affected workers hope to receive their unpaid salaries from the state-run wage guarantee fund as they are being dismissed within a mass redundancy plan.
Sources
4 December 2008: Heti Világgazdaság
4 December 2008: Világgazdaság
3 December 2008: Békés Megyei Online
Citation
Eurofound (2008), Újkígyósi Falemez Üzem, Closure in Hungary, factsheet number 68426, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/68426.
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