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.
Group City Grill has recently announced the closure of two restaurants in Bucharest’s Old Town, with the immediate loss of 100 jobs. Both restaurants were located in high seismic risk buildings and were closed after the enforcement of a new safety law (282/2015) which requires business owners to complete consolidation works on high seismic risk buildings.
The safety measures imposed by the law are affecting many other restaurants and businesses in Bucharest’s Old Town, but City Grill is the first to announce job reduction measures.
Mr. Marian Alecu, one of the owners of the City Grill Group, commented that both restaurants are located in old buildings with over seven floors and consolidation work on these buildings is time consuming and very costly.
Eurofound (2015), City Grill, Closure in Romania, factsheet number 85700, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/85700.