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.
Electroniki, one of the biggest chains of electrical stores in Greece, has become bankrupt and 450 employees are now jobless.
Electroniki announced on April 13th2016 that it was entering a bankruptcy procedure following a decision of Athens First Instance Court. The company has faced many commercial problems over the last few years after its attempt to expand its business activities in Greece, Cyprus and the Balkans. The following day, its 45 stores across Greece suspended operation and 450 employees were made jobless. The company, which has operated in Greece for 66 years, attributes the closure to the imposition of capital controls last summer in Greece and the consequent restriction of consumers' purchasing power.
Eurofound (2016), Electroniki, Bankruptcy in Greece, factsheet number 86992, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/86992.