POLAND: Clothing Firm Too Poor To Pay Workforce
Clothing manufacturer Bytom failed to pay October's salaries to its employees due to financial problems currently facing the company. Management claims that the company needs some ZL2.5m ($550,000) and has already filed to the fund that helps in salary payments for the loan. The CEO of Bytom, Cezary Przybyszewski, believes that a single loan would save the company. The company's current poor financial situation was caused by the lowering value of the zloty against the pound and euro. Within the three quarters of 2000, the revenues from export dropped by 10 per cent causing a ZL4.9m ($1.07m) net loss for Bytom. Kwej. Bytom exports 80 per cent of its output.
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