"One of Europe’s most high profile architects, Erick van Egeraat Associates, has called in the receivers after a number of major projects were put on hold due to the credit crunch.
The sudden cancellation of work caused a cashflow crisis at the Rotterdam-based firm, which also has offices in London, Budapest, Moscow and Prague."
source BD online
2 Comments
In fact, the Budapest office has closed at the end of 2008 already, leaving the employees with four months of unpaid salaries for which EEA is currently being sued in Hungary.
Though it was discussed even on Hungarian television news, this info never got out to the international scene... check www.epiteszforum.hu and newssites for details.
i am afraid that we'll be hearing many more similar stories in the coming months, especially in the us...cancelled projects, or projects going on hold, and banks unwilling to loan to struggling businesses so they can make payroll...
hopefully we won't be hearing about employees being left with months of unpaid salaries...
cheers!
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