CHINA: Shoe Retailer Axes Staff, Cuts Output
Troubled footwear retail chain Le Saunda Holdings has slashed its workforce in China by 20 per cent to 600 and has reduced annual production to less than one million pairs of shoes in a bid to slash inventory. Chairman Jimmy Chan Kui-Tim told the South China Morning Post the firm had cut inventory to HK$81 million from HK$178m in 2001, with the sharp reduction helped by price-cutting measures and strategic warehouse sales.
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