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.
On 16 January 2012, Huta Szkła Irena in Inowrocław, a miscellaneous glass manufacturer, announced plans to shut down the factory and dismiss 200 employees by the end of February 2012. The decision of the factory's closure is an effect of the EU's sanctions against Iran (EU embargo on Iranian oil), which is expected to be adopted on 27 January 2012. The company exported 80% of its production to Iran and thus will lose its main trade partner following the adoption of the sanctions. The dismissals will be implemented in two stages: 180 workers will be laid off by the end of January 2012, and the remaining 20 will be dismissed in February 2012.
In October 2010, Huta Szkła Irena had over 60 million PLN debts (over 15 million EUR). Eventually the company announced bankruptcy and 430 employees lost their jobs. In January 2011 the factory was reopened.
Eurofound (2012), Huta Irena, Closure in Poland, factsheet number 72974, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/72974.
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