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.
Prvi maj, Croatian manufacturers of protective and work clothing, was founded in 1961 and employed 600 workers by 1991. Due to accumulated debts and lack of support from banks, the company is facing bankruptcy. 146 jobs will be lost. This is despite agreed orders for the German and Swedish markets.
During the war period 1991-1995, the company's plants were completely ruined. At the end of the war came the possibility to return to Laslovo, not far from Osijek in Eastern Slavonia. A new investment cycle began with the reconstruction of the plant and the procurement of new and modern machinery and equipment. It has not however proved possible however to sustain a profitable textile/clothing business.
Eurofound (2015), Prvi maj, Bankruptcy in Croatia, factsheet number 79371, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/79371.