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.
OP Prostějov, a traditional Czech clothing manufacturer, has announced 600 job cuts as of 30 April 2010. The Jeseník plant will be closed and some 300 jobs will be lost; another 300 jobs will be cut at the Prostějov plant.
The company, currently employing 1,500 people, has been undergoing bankruptcy since January 2010. Job losses are attributed to cheap competition from Asia and a strong CZK exchange rate over the past couple of years. Management of the firm has officially admitted that they cannot pay compensation for dismissed workers, hence the state will provide severance pay package.
Eurofound (2010), OP Prostějov, Internal restructuring in Czechia, factsheet number 70483, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/70483.
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