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.
Ring, producer of baked goods and pastries in Upper Austria, declared bankruptcy on 9 June 2015 resulting in a total of 120 dismissals. The bankruptcy also affects the company's subsidiaries Salzkammergut Bäckerei, the RING holding company Pan&Co Group and their subsidiaries Eurocool Logistik, P & C Kaffee Vertriebs, Blaschke Konditorei, B & G Backen und Garen Technik Service. According to newspaper reports this is the largest insolvency to have taken place in Austria in 2015.
By the end of June 2015 liquidators have closed 32 out of 58 stores of the company. The closure resulted in 120 out of 280 employees becoming redundant. The remaining profitable stores will be sold by mid July. According to newspaper reports various prospective buyers have expressed their interest.
Eurofound (2015), Ring, Bankruptcy in Austria, factsheet number 83935, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/83935.