USA: Victor Forstmann Axes 150 Jobs
Georgia-based apparel fabric manufacturer Victor Forstmann Inc is to axe around a quarter of its 675 workers after a sudden slump in demand for its products. The company, which filed for Chapter 11 in 1999 before being bought by Montreal-based Victor Woolen Products Ltd, said it would lay-off 150 employees because of a sudden reduction in orders.
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