Fenestra

Type
Bankruptcy
Country
Finland
Region
Manner-Suomi;
Location of affected unit(s)
Kuopio, Vantaa, Viitasaari
Sector
Manufacturing
(16 - 17) Manufacture of wood and paper materials
16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
335 jobs
Number of planned job losses
Job loss
Announcement Date
28 January 2014
Employment effect (start)
11 February 2014
Foreseen end date

Description

Fenestra, a window and door manufacturer, has been declared bankrupt and it has given termination notices to all 355 employees in Finland.

Fenestra is headquartered in Vantaa, but has production facilities in Kuopio and Viitasaari. The company has served termination notices to all employees and in the case of bankruptcy the notice period is only two weeks. Employees can recover back wages from a designated wage guarantee fund. Fenestra cites long-term losses and lack of funding as reasons for the bankruptcy.

Union representatives expressed surprise and shock over Fenestra's bankruptcy. They noted that the company had recently combined two factories and sold one and these actions were expected to improve situaation.

Sources

  • 28 January 2014: YLE News
  • 28 January 2014: Press release of labour union Pro

Citation

Eurofound (2014), Fenestra, Bankruptcy in Finland, factsheet number 76555, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/76555.