Type
Bankruptcy
Country
Portugal
Region
Continente; Norte; Grande Porto
Location of affected unit(s)
Santo Tirso
Sector
Manufacturing
Manufacture Of Material For Textiles, Apparel, Leather And Related Products
Manufacture Of Textiles
13 - Manufacture of textiles

288 jobs
Number of planned job losses
Job loss
Announcement Date
4 March 2015
Employment effect (start)
8 March 2015
Foreseen end date

Description

Arco Textiles was declared involvent, leading to a total of 288 job losses.

The Special Revitalization Plan that the administration of the company presented last year was refused by creditors (such as banks). This refusal was the main reason to the court declare the insolvency of the company.


Sources

  • 4 March 2015: Jornal do Ave
  • 4 March 2015: Diário de Notícias

Citation

Eurofound (2015), Arco Texteis, Bankruptcy in Portugal, factsheet number 78733, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78733.