Hungarian shoe company Tisza Cipőgyártó Termelő es Kereskedelmi Kft has entered liquidation, business daily Napi Gazdaság reported. András Gladinetz, who serves as supervisory-committee president of Tisza Cipőgyártó's owner, Tisza Cipő, told the newspaper that the company, which most recently produced protective work and military boots, had sustained a drastic decline in sales revenue beginning in 2008 as a result of the economic crisis.
Tisza Cipőgyártó's revenue from sales declined from HUF 547 million in 2007 to HUF 282 million (€1.04 million) in 2008. Gladinetz said that Tisza Cipő plans to begin production of luxury shoes at Tisza Cipőgyártó's plant in Martfű (Central Hungary) in the future, adding that production could be resumed at the facility this year if market conditions continue to improve as expected. (MTI-Econews)