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 Food And Beverage Manufacture Of Food Products 10.71 - Manufacture of bread; manufacture of fresh pastry goods and cakes
111 - 130 jobs Number of planned job losses
Announcement Date
28 July 2014
Employment effect (start)
28 July 2014
Foreseen end date
Description
The Pancyprian Company of Bakers, one of the largest manufacturer of bakery and confectionery products in Cyprus, went bankrupt. Up to 130 jobs are to be lost. As announced, the company was placed under administration in July due to financial problems and finally the administrator ordered its liquidation. According to the sources, 100 staff received the redundancy letter and 19 employees will remain for the fulfilment of several existing contracts, including one with the National Guard of Cyprus.
The company faced serious cash flow problems in the last period which deteriorated after the last year’s restructuring of the banking sector and the cut on deposits. As reported, the employees were not paid for several months.
The Pancyprian Company of Bakers was founded in 1970 on the initiative of the government and in a joint effort with several bakers with the aim to promote industrial modernisation in the production of bakery products.Â
Sources
5 August 2014: O Phileleftheros
28 July 2014: I Kathimerini (Kyprou)
28 July 2014: In business news
29 July 2014: O Phileleftheros
Citation
Eurofound (2014), Pancyprian Company of Bakers, Bankruptcy in Cyprus, factsheet number 77374, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77374.
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