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.
Transportation / Storage Land, Water And Air Transportation Land Transport And Transport Via Pipelines 49.39 - Other passenger land transport n.e.c.
120 jobs Number of planned job losses
Announcement Date
13 October 2014
Employment effect (start)
13 October 2014
Foreseen end date
Description
All 120 employees of the bus company NOW, based in Kongsberg, Norway, lose their jobs as the company is bankrupt, after only two months of operation. The company filed for bankruptcy after its board concluded that NOW did not have the sufficient capital for further operation, on October 11. The employees were informed the same morning, while all of the bus routes were immediately cancelled. More than 100 of the employees were drivers, mostly based in Notodden and Kongsberg.
Sources
15 October 2014: Telemarksavisa
13 October 2014: Drammens Tidende
Citation
Eurofound (2014), NOW, Bankruptcy in Norway, factsheet number 77784, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77784.
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