(AP) -- Swiss shoemaker Bally said Monday it was closing one of its production plants and concentrating its manufacturing operations on a single factory, in a move that will involve the loss of 250 jobs.This content was published on November 29, 1999 - 09:47
(AP) -- Swiss shoemaker Bally said Monday it was closing one of its production plants and concentrating its manufacturing operations on a single factory, in a move that will involve the loss of 250 jobs.
The company said it will cease production at its headquarters in Schönenwerd, northern Switzerland, and focus it at a revamped plant in Caslano, in the south of the country. That center should be ready in the coming months, Bally said.
Some of the 345 jobs at Schönenwerd will be transferred to Caslano, but a total of 250 will be cut between the two sites.
Bally was taken over in October by the private investment firm Texas Pacific, and said it wanted to revive slumping sales and profits by reestablishing itself on the market as a luxury product.
Founded in 1851, the company manufactures fashion accessories and high-price shoes. It has been in long-term decline despite attempts by a succession of management teams to revive its fortunes.
Texas Pacific, a private investment partnership based in Fort Worth, Texas, and San Francisco, has a reputation for tightening financial controls and turning around declining consumer brands.
Earlier this month, Bally announced plans to close almost half of its stores across Europe next year, with the loss of some 500 jobs in 100 locations.
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