According to a profile in the news magazine’s most recent issue, the struggling Vorarlberg textile manufacturer Wolford plans to reduce personnel. There will be a 10% cut in personnel expenses. That cannot be accomplished by simply departing naturally. Paul Kotrba, a board member, remarked that “even robust companies sometimes have to lay off staff, and as is generally known, Wolford is not a particularly healthy company.”
Return to profitability anticipated
Silvia Azzali and Paul Kotrba, a board couple active since August 2022, want to return to operational profitability in 2023. Although the laundry group’s revenues increased by more than 29% in the first half of 2022, they still declared an operational loss. EBIT, or operating result, was negative 16.9 million euros.
The company stated last Wednesday that 3,359,575 additional shares will be issued commencing the following week at a subscription price of EUR 6 per share in order to raise the share capital (to then EUR 48,377,884.80). The Chinese Fosun Fashion Group Wisdom, which owns around 58 percent of Wolford, is the company’s largest stakeholder; according to Wolford, a private investor owns another 28.27 percent of the company’s stock. Nearly 2% of the shares are owned by Wolford, with the remaining 80% in free float.