Cesare Paciotti has decided to terminate the employment contracts for 24 out of the 64 members of its staff. They were mostly engaged in the production unit of the company, and they receive a government subsidy under Italian law. The number of layoffs may be reduced to 20 depending on efforts to improve productivity. The Italian shoemaker has gone through turbulent times recently. In December 2013, it struck a deal with creditors to settle its debt and restore a healthy balance sheet. In February 2016, a court in the town of Macerata refused to place the company in bankruptcy proceedings. In 2018, according to company's filings, Paciotti achieved a turnover of €25 million excluding retail, a figure in line with the previous two years.

Topics