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.
As a result of the bankruptcy of cleaning service company Augias Environment all 150 employees will lose their jobs. In 2009, the company was placed in receivership because of financial difficulties due to late payments from the French army (which represented 1/3 of the Augia’s turnover).
The company, which saw its workforce reduce from 400 employees to 150 in 2009, reported that 96 pc of the army’s payments were late. These financial problems affected Augias Environment’s ability to enter new markets, and eventually led to its bankruptcy.
Augias Environment was given until the 21 May 2013 to avoid bankruptcy by securing the Army’s late payments and interests arising from them.
Eurofound (2013), Augias Environment, Bankruptcy in France, factsheet number 75242, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/75242.