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.
Greek daily newspapers "Eleftheros Typos" and "City Radio 99,5" are shutting down, with 300 to 450 people loosing their jobs.
The stakeholders voted unanimously on 19th June 2009 to cease the operations of Eleftheros Typos and City Radio 99,5 due to continued losses and poor industry outlook. The announcement stated also that a substantial funding had been invested in both companies but the fact that they were always in the red plus the news "model" that prevails in Greece led to this decision. For Theodoros and Gianna Aggelopoulou, that bought the newspaper 3 years ago, it also marked their exit from the media business. Various Greek news sources reported that between 300-450 journalists and administrative support staff are loosing their jobs.
The Journalists's Union of Athens Daily Newspapers called a 24-hour strike of print, digital and broadcast media starting Monday 22 June at 17.00 hrs to protest against the closure of ET and City Radio and to raise the issues of transparency, redundancy and unpaid workers in the media industry.
Eleftheros Typos was founded in 1983 by Aris and Lilian Boudouris.
Eurofound (2009), IDRYMA TYPOU, Closure in Greece, factsheet number 69121, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69121.