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.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Food, Beverages And Tobacco In Specialised Stores 47.2 - Retail sale of food, beverages and tobacco in specialised stores
667 jobs Number of planned job losses
Announcement Date
16 July 2015
Employment effect (start)
1 July 2015
Foreseen end date
Description
Fresh Market, the company engaged in retail sale of food products in Lithuania, was declared bankrupt on 19 August 2015. In total 667 people will be dismissed.
At the beginning of July 2015, the company announced the dismissal of around 200 employees as a result of optimisation of company activities. On 7 August 2015, the company announced its withdrawal from the market and the bankruptcy proceedings were launched.
The main cause of bankruptcy was financial problems in the company. On 4 August 2015, the total amount of overdue debt owed by Fresh Market to 439 creditors amounted to 4.9 million EUR.
The first Fresh Market store in Lithuania was opened in 2013. In 2015, the Fresh Market retail chain owned 26 stores in different regions in Lithuania.
Sources
7 August 2015: Lietuvos Rytas
19 August 2015: Verslo zinios
7 August 2015: Lrytas
Citation
Eurofound (2015), Fresh Market, Bankruptcy in Lithuania, factsheet number 84463, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/84463.
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