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.
Pyrsos Security, one of the largest Cash-In-Transfer companies in Greece, is closing down and its 800 employees across the country are to become jobless.
According to press announcements (June 1, 2016), that have been confirmed by the Panhellenic Federation of Employees in Money Transfers and Security Guards, the 800 employees of Pyrsos Security have been informed by bank executives about the company’s immediate closure. The information indicates that the company's closure was recommended as it has been facing serious financial problems since 2015 and there have been many complaints from employees regarding delays in payment that have accrued up to eight months.
PYRSOS Security was established in July 1994. Initially the services provided were Vigilance and Security Engineering to private and state-owned enterprises. In January 1998 the company expanded its services in the Cash-In-Transfer area by purchasing several armoured vehicles from Spain. The company has been a member of European Security Transport Association (ESTA) since 2000.
Eurofound (2016), Pyrsos Security, Closure in Greece, factsheet number 87638, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/87638.
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