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Wolford announces further redundancies

Austrian hosiery brand Wolford has cut 15 more staff positions at its headquarters in Bregenz as part of wider cost reduction measures.

This brings total job losses up to 56 since July this year in order to save more than €3m (£2.7m) annually.

Since the summer, 41 full-time positions were axed by natural attrition or by not filling vacant positions.

The move was part of a wider restructuring programme in a bid to return to profitability, and the brand said in a statement that “further optimisation potential should be identified in the coming months and realised in the course of the present 2017/18 financial year”.

“These measures are painful for all those involved,” said Wolford AG CEO Axel Dreher and CFO Brigitte Kurz. “However, in this way we are moving a decisive step closer towards our objective of operating profitably once again.” 

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