FRANCE: New company created from Siat-Lang subsidiaries
A new company has been created out of the liquidation of two subsidiaries of French family-owned fashion fabrics group, Siat-Lang, which will allow half of their 170 staff to keep their jobs.
At the end of August, a commercial court in Mulhouse, in eastern France, had ordered the winding up of the two subsidiaries - Siat-Lang, which designs and sells fabrics, and S&L Productions, which dyes and weaves them which combined employed.
However, they were given permission to continue trading for one month pending takeover plans being elaborated by the companies' managers. This has resulted in the setting up of a new company - Virtuose - employing 85 staff and which will have its official launch later this week. Virtuose's activities will comprise those of Siat-Lang and S&L Productions.
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