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Wolford continues layoffs, to cut 15 more staff positions

By Prachi Singh

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Report

Wolford AG has revealed implementation of its cost reduction measures, which mainly involves the downsizing of its administrative staff. Since July 2017, Wolford has already decreased its workforce by 41 full-time positions, by natural attrition or by not filling vacant positions. The company added that personnel level at company headquarters in Bregenz is being reduced by a further 15 employees in the middle of October.

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

So far, the company has cut down on its total staff by 56 full-time employees since the beginning of July, resulting in expected cost savings of more than 3 million euros (3.5 million dollars) annually which it expects to be fully effective starting in the 2018/19 financial year. Wolford had 1,544 full-time employees in the 2016/17 financial year.

The company added that the streamlining of the administration is part of a comprehensive restructuring program aiming to help Wolford to return to profitability.

Picture:Wolford website

Wolford