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.
Penam, a Czech bakery company, has announced that it will close its Třebíč site at the end of January 2020. The company offered to the 140 dismissed employees an alternate position in Rosice near Brno which is less than an hour away. The company is ready to pay them a travel allowance. In case the workers do not accept the offer, they will receive two monthly salaries beyond the amount established for severance payment.
Penam, market leader, has announced that it will divest part of its business into a new firm PEK Group in 2020, which is now for sale. Penam has to sell part of its business as a condition set by the Czech antimonopoly office regarding the merger with United Bakeries. After the sale, PEK will be fully operational, including signed contracts and employees from the divested business transferred to the new group.
Eurofound (2019), Penam, Merger/Acquisition in Czechia, factsheet number 98279, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/98279.