Mercoledì, 17 Ottobre 2018
MILAN

Fetrinelli puts off layoffs to renew business

English
© ANSA

Milan, May 3 - Italian book and music retail chain
Feltrinelli announced on Friday it is launching 'solidariety
contracts' for its 1,370 employees, and will avoid layoffs for a
year despite the company's slumping business.
Fetrinelli said the aim of the move was to raise
productivity and carry out adaptations to meet the new, fast
changing needs of the market, so that labor costs become
sustainable once more.
"The economic crisis and the digital revolution have
completely overturned the market for cultural consumption,
forcing many companies in the sector, in Italy and abroad, (to
take) severe and painful extraordinary measures," said the
company in a statement.
Feltrinelli described 2012 as "a particularly difficult
year with net sales falling 5% compared to 2011 despite opening
new points of sale".
The company added that net sales have contracted 11% in the
last two years.

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