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.
The Styrian manufacturer of sausages and meat products, Schirnhofer, went bankrupt as a consequence of the insolvency of the Austrian retail chain Zielpunkt (Eurofound reported this case in 2015).
The family-run business has been in economic difficulties for some time and since 2011 has been implementing several restructuring measures. The insolvency of Zielpunkt, the company’s main costumer, further worsened the firm's economic situation and increased the amount of debts to €21 million.
Schirnhofer currently employs a total of 269 people. The company announced that it will not be able to pay out wages for November and Christmas bonuses. So far, Schirnhofer has registered 70 employees with the early warning system (Frühwarnsystem) of Public Employment Services (AMS) .
Eurofound (2015), Schirnhofer, Bankruptcy in Austria, factsheet number 85606, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85606.