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.
Manufacturing Manufacture Of Material For Textiles, Apparel, Leather And Related Products Manufacture Of Wearing Apparel 14.11 - Manufacture of leather clothes
110 jobs Number of planned job losses
Announcement Date
16 August 2012
Employment effect (start)
16 August 2012
Foreseen end date
Description
In August 2012 Finnish textile company Finex closed its site in Maia, Portugal, which resulted in 110 people being dismissed. The company's insolvency was reported as the reason for closure.
Finex submitted an application for insolvency proceedings claiming that the financial problems are due to high costs of production in Portugal.
The Textile Labour Union on Confection announced that it will require the intervention of the Ministry of Economy and of the Finnish consulate in Portugal to investigate the case.
Sources
16 August 2012: Agencia Financeira
Citation
Eurofound (2012), Finex, Closure in Portugal, factsheet number 74110, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/74110.
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