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.
Farbetex, a well known Greek company for knitted fabrics stopped its operation at its site in Kilkis resulting in 120 job losses. In mid-March 2010 the company applied for discontinuing payments due to bankruptcy,and the case was tried on April 21, 2010. According to the sources,currently the company is not facing any problems concerning orders and deliveries. The workers, through their general assembly, reacted to the management's decision and decided to claim their right for work and for the re-operation of the site while, at the same time they established shifts for guarding the factory's valuables.
4 years ago the company was granted a loan (80% of it guaranteed by the Greek state) for extension and modernisation. Farbetex is a company for knitted fabrics. It is located in the Northern Greece, near the city of Kilkis, in a strategic position for the local market producers and the developing Balkan countries of finished garments. It was founded in 1986 from a group of garment producing companies, which became bigger since 1999.Since then the presence in the market became more dynamic and flexible. Farbetex has full productive equipment that gives to the company the capability to produce 30 tns of knitted fabric per day (80000 mtrs /day approx.). The total production is produced in a privately owned plant, which is expanded in 16.000 sq.mtrs in a privately owned ground of 55.000 sq.mtrs.
Eurofound (2010), Farbetex, Bankruptcy in Greece, factsheet number 70482, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70482.
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