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.
The Company Martinez Valero has announced the closure of its plant specialised in the manufacture of footwear in Elche. The Company had losses amounting to 5 million euros. All 147 employees in the Elche plant are to be made redundant. The formal reasons for its closure were loss of market share in foreign markets (like the US, which represented 30% of its exports), and a lack of competitiveness due to a strong euro. Other reasons are that the manufacture of footwear requires heavy fixed costs in labour where the consumption of footwear normally follows a seasonal trend.
Eurofound (2004), Martinez Valero, Closure in Spain, factsheet number 60333, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/60333.