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.
Severna Bulgaria; Severen tsentralen; Veliko Tarnovo
Location of affected unit(s)
Liaskovets
Sector
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Fabricated Metal Products, Except Machinery And Equipment 25 - Manufacture of fabricated metal products, except machinery and equipment
300 jobs Number of planned job losses
Announcement Date
20 April 2011
Employment effect (start)
15 April 2011
Foreseen end date
31 May 2011
Description
Arcus, a producer of military material and weapons, has announced that it is to cut 300 jobs. The redundancy procedure is underway and the job cuts have been notified to the labour office in Lyaskovets and the district labour inspectorate. Following to this staff reduction, Arcus' workforce will decrease from 2,000 to 1,700 employees.
Arcus has been severely hit by the global economic crisis and its production negatively affected by the recent turmoil in African countries. However, the company remains one of the largest employers in Central Northern Bulgaria. "If the economic situation stabilises, employees will be re-employed" said the company CEO Banco Bancov. He also stated that all affected workers will receive appropriate benefits and compensations.
Eurofound (2011), Arkos, Internal restructuring in Bulgaria, factsheet number 71892, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/71892.
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