Polzela, a Slovenian producer of socks and stockings for women, men and children, announced a reduction of its workforce by 100. The cuts will be implemented until summer 2012.
The company, located in the small town Polzela (Savinska region), currently faces a one third decrease of sales in 2011, leading to a loss of EUR 1.2 million. Additionally, the volume of production is only at 52% of last year's level. It is reported that the company decided to reduce employment due to these difficult economic circumstances.
The company, founded in 1927, currently employs 400 people.