Personnel costs at Wolford are to be reduced by ten percent, according to CEO Paul Kotrba.
© Wolford AG, VN
The ailing Vorarlberg textile company Wolford wants to cut staff, reported the news magazine “profil” in its new issue.
Personnel costs are to be reduced by ten percent. That is not possible only through natural departure. “Sometimes even healthy companies have to lay off employees, and as is well known, Wolford is not a very healthy company,” said Board Member Paul Kotrba.
2023 should be profitable again
The board duo Silvia Azzali and Paul Kotrba, who have been active since August 2022, want to achieve an operational profit again in 2023. In the first half of 2022, the laundry group recorded an increase in sales of more than 29 percent, but still reported an operating loss. The operating result (EBIT) was minus EUR 16.9 million.
New Wolford shares
In order to increase the share capital (to then EUR 48,377,884.80), 3,359,575 new shares will be issued starting next week at a subscription price of EUR 6 per share, the company announced last Wednesday. Wolford’s majority shareholder is the Chinese Fosun Fashion Group Wisdom with around 58 percent; according to Wolford, the private investor holds 28.27 percent of the shares. Almost 2 percent of the shares belong to Wolford, the rest is in free float.
