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.
Muebles Xey, specialised in the manufacturing of kitchen and bathroom furniture, has begun a liquidation process and announced the dismissal of its entire workforce (170 workers). The company has been under an insolvency procedure since 1 June. The workers started an indefinite strike on 3 July claiming that the company remained viable.
However, the insolvency administrator justified the decision to permanently close the company by noting that company debt equals €30 million. 70% of the company shares are owned by private companies and the remaining 30% belong to the Basque Country government. Bearing this in mind, the works council of the company has requested a meeting with the Department of Development and Competition of the Basque Country government as it appears that the Basque Country government would be interested in searching for investors to avoid the closure.
Eurofound (2017), Muebles Xey, Closure in Spain, factsheet number 91645, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/91645.