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.
The traditional textiles producer F.M. Hämmerle, headquartered in Dornbirn, Austria, again filed for bankruptcy on 22 June 2009; all of the 182 employees stand to lose their jobs.
In the summer of 2008 its predecessor company went bankrupt, and in the course of the bankruptcy proceedings was taken over by the India-based Oswal group. According to the creditor protection association KSV 1870, cuts in turnover by up to 50% have forced management to file for bankruptcy. This is due to continuously deteriorating market conditions for the European textile industry, which can no longer compete with Asian low-standard production.
The provincial president of the Austrian Trade Union Federation (Österreichischer Gewerkschaftsbund, ÖGB) of Vorarlberg, Norbert Loacker, has shown consternation and has urged management to conclude a social plan for the workers affected. The official receiver plans to completely close down the company.
Eurofound (2009), F.M. Hämmerle, Bankruptcy in Austria, factsheet number 69240, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/69240.