Austrian hosiery business Wolford is to axe a further 15 jobs as part of its cost reduction programme, which has already seen its workforce cut by 41 full-time positions since July.
In an announcement this week the company, which is listed on the Vienna Stock Exchange, said it will reduce the headcount at its headquarters in Bregenz by a further 15 employees this month.
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The news means Wolford has now cut down on its total staff by 56 full-time employees since the summer, a move it says has resulted in expected cost savings of more than EUR3m (US$3.5m) annually, which should be fully effective starting in the 2018/19 financial year.
The streamlining of the administration is part of a comprehensive restructuring programme aimed at helping Wolford return to profitability. The focus is on adjusting personnel capacities to current revenue figures, systematically optimising all processes and strategically realigning some areas of the company’s business operations.
“These measures are painful for all those involved. However, in this way we are moving a decisive step closer towards our objective of operating profitably once again,” says Wolford CEO Axel Dreher and CFO Brigitte Kurz.
The news follows the departures of former CEO Ashish Sensarma and chairman Antonella Mei-Pochtler in July and August, respectively.
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