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 120-year old Salami producer Herz Szalámigyár dismissed 130 out of 400 employees in May 2009. The company notified the dismissals to the local labour office one month before. According to the company, the dismissals are due to the economic crisis.
The company had to stop production and faced bankruptcy in October 2009. The company's problems arose as a consequence of the failure to agree with its only creditor, CIB Bank, over the continued financing. Herz's debts amount to HUF 3.15 billion (EUR 11.3 million). The liquidated assets of the company based in Budapest were bought by Bonafarm which promised to restart production.
Eurofound (2009), Herz Szalámigyár, Internal restructuring in Hungary, factsheet number 70119, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70119.