EMCC European Monitoring Centre on Change

GDB International

Company/Organisation:
GDB International

Geographic Location

Country: Belgium
Region: Arr. Mons; Prov. Hainaut; Région Wallonne
Location of affected unit(s): Strepy

Company

Sector: Manufacturing
Other manufacturing, and repair and installation of machinery and equipment
31.01 - Manufacture of office and shop furniture
Number Employed: 129
Group: EOL

Employment Effects

Announcement Date: 17-04-2012
Planned Job Reductions min: 129
Planned Job Reductions max: 129
Type of Restructuring: Bankruptcy
Employment Effect Start: 31-05-2012
Foreseen End Date: 30-09-2012

Additional Information

Belgian office furniture retailer GDB International has been declared bankrupt and 129 jobs will be lost. Huge cash flow problems explain the decision, according to the management. Unions do not believe this is the reason for the bankruptcy and want to check every single transaction between the Group EOL and the local plant. Indeed, they think that the group's management emptied inch by inch all funds in the firm to let it die. In ten years, the company lost 38 millions euros.