GKF

Type
Bankruptcy
Country
Lithuania
Region
Lietuva; Vidurio ir vakarų Lietuvos regionas ; Kauno apskritis
Location of affected unit(s)
Kaunas
Sector
Manufacturing
(16 - 17) Manufacture of wood and paper materials
16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
205 jobs
Number of planned job losses
Job loss
Announcement Date
4 January 2017
Employment effect (start)
9 December 2016
Foreseen end date

Description

GKF, one of the largest timber processing companies in Lithuania, will dismiss 205 employees in Kaunas region. The main cause of the dismissals is the bankruptcy of the company that was announced by the Department of Enterprise Bankruptcy Management under the Ministry of Economy of the Republic of Lithuania on 9 December 2016. The company is currently undergoing bankruptcy procedures and has already handed out layoff notices to all 205 employees. According to the company, the main reasons for closing down were fierce competition and increased wood processing costs.

Sources

  • 4 January 2017: Verslo zinios

Citation

Eurofound (2017), GKF, Bankruptcy in Lithuania, factsheet number 89730, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/89730.