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.
Portuguese clothing manufacturer Filobranca Portugal went bankrupt; 157 jobs will be lost. Most of the workers are women earning the minimum wage.
As reported, in the creditors’ assembly, the insolvency of the company was approved. No recovery plan will be adopted. The company has a liability amounting to €10 million. According to the insolvency administrator, there is no other alternative.
According to the sources,the closure is related to the drop in orders and the loss of production for a "big" sports brand and a Swiss customer, also in an insolvency process.
In Portugal, Filobranca has two sites (both in Vila Nova de Famalicão) and a third one in Romania.
Eurofound (2014), Filobranca Portugal, Bankruptcy in Portugal, factsheet number 77480, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/77480.