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.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Trade, Except Of Motor Vehicles And Motorcycles 47 - Retail trade, except of motor vehicles and motorcycles
100 jobs Number of planned job losses
Announcement Date
8 May 2017
Employment effect (start)
2 May 2017
Foreseen end date
30 June 2017
Description
The private firm Agrokor is the biggest food producer and retailer in the Balkans with some 60,000 employees. It expanded rapidly, notably in Croatia, Serbia, Slovenia and Bosnia, but mostly buying the other forms using bank loans. Agrokor piled up debts, leaving it struggling to pay creditors and suppliers. The banks are not willing to allow new loans and Agrokor is on the brink of the bankruptcy. It accumulated debts of about HRK 45 billion (€6.07 billion), or six times its equity. The Government appointed the restructuring officer to the struggling company at the request of a creditor. He started to fire employees from the Agrokor headquarter so from 190 of them there will be around 90.
Sources
8 May 2017: Poslovni.hr
8 May 2017: net.hr
Citation
Eurofound (2017), Agrokor (headquarter), Bankruptcy in Croatia, factsheet number 90852, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/90852.
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