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.
Macedonia Palace, a landmark hotel in Thessaloniki, is closing down and its 120 employees will remain jobless. The iconic hotel Macedonia Palace in Thessaloniki will close for business on December 27th, it was announced on Thursday, November 17. The Daskalantonakis Group issued a statement saying that it had failed to reach an agreement with Greece's main social security fund, IKA, which owns the building, to renew the lease.
The group stated that it has offered its staff the option to work at one of its other hotels. According to media reports, the hotel employees are highly concerned with the announced closure.
The Macedonia Palace was built during the 1970's and is considered one of the country's most prestigious 5 star hotels. It comprises of 284 luxury suites and has hosted a number of high profile guests.
The decision as why to close the hotel is unknown at this point.
Eurofound (2011), Macedonia Palace, Closure in Greece, factsheet number 72882, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72882.