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.
Ims, a manufacturer of CDs, DVDs and other digital media products, is to close its plant located at Caronno Pertusella (in the province of Varese), with the consequent loss of 132 jobs. In October, the company announced its bankruptcy, starting the redundancy procedures as provided by law.
Workers and trade unions reacted to the company's decision by blockading the company's gates and requesting the involvement of local and national authorities as well as Ims' main customer.
In November the trade unions reached an agreement with EMI, music label and one of Ims' main customers. The agreement envisages that EMI, which owed money to Ims, will pay two tranches (one of EUR 160,000, the other of EUR 243,000) to the workers in the next months. According to the trade unions, the tranches will be needed to pay the extra month's pays and the annual holidays that Ims didn't pay yet to the workers.
Eurofound (2011), Ims, Bankruptcy in Italy, factsheet number 72791, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72791.