Styl: a new lease of life
Monday, January 31, 2005, 00:00
There is no need to discontinue production at Styl Rt, a finacially challenged clothing manufacturer in Szombathely, western Hungary, Jen? Varga, CEO of liquidator Vectigalis Rt, told wire agency MTI. According to the liquidation commissioner, cutting jobs by 50%-66% from the current 1,016 would save the factory from closure. ?We have made sure to keep production up and running. The employees will be informed about the downsizing plans but we do not intend to close down the plant,? he added. Vectigalis was appointed to liquidate Styl on Jan 27 when the Vas County Court found the company insolvent. The clothing manufacturer owes Ft 130 million to its creditors.