Financial burdens may be proving too much for Italian sportswear company Fila with its last minute exit from the GDS footwear exhibition in Dusseldorf, Germany, a must-attend event for the serious players in the footwear industry.

Last month the Milan-based company reported a net loss of $6.5m for the year 2000, despite strong sales growth in the US.

The company blamed much of its financial position on a restructuring programme that Fila estimates has created losses of somewhere between $63m and $67m.

Despite the year's poor financial figures, company CEO Michele Scannavini remained optimistic about 2001 but recognised that the company needed to focus on rejuvenating its sales efforts throughout Europe where there has been a steady decline in orders.

To read the story on Fila's financial results click here