France: Daum files for bankruptcy

French crystal-glassware company Daum France SA, which employs 270, filed for bankruptcy due to the difficult economic climate, the company announced on 1 September 2003.
Daum employs 185 at its prod…

French crystal-glassware company Daum France SA, which employs 270, filed for bankruptcy due to the difficult economic climate, the company announced on 1 September 2003. Daum employs 185 at its production facility in Meurthe-et-Moselle district, Lorraine region, northeastern France, and 44 at its production and distribution site in Nancy, Lorraine region. Daum plans to carry out a restructuring well as to divest its assets with the aim of reviving production and distribution. The company also has three subsidiaries in Singapore, Tokyo and New York and its products are distributed through an authorised retailer network. Daum was created in 1875. The company posted turnover of EUR 23 million (USD 25.3 million) for 2002, and reported a EUR 5.0 million (USD 5.5 million) net loss for the same period, due to the social plan started at the beginning of 2003.