CANADA: Galaxy Restructures As Umbro Ends Licensing Deal
Umbro's Canadian soccer wear distributor Galaxy says it is unlikely it "will be able to continue as a going concern" after Umbro Holdings Limited reneged on a financing deal in May 2002, and is now trying to restructure its business amid discussions with potential strategic investors and bankers. Planned initiatives to reduce the size and scope of its operations in Canada and the US will reduce staffing levels by 80-90 per cent.
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