Moreschi has signed a so-called “solidarity contract” with the labor union that represents its employees. For one year, the employees will reduce the amount of working hours at rates of 15 to 34 percent in all departments, and their pay will be cut by 22 percent on average. The Italian shoemaker, which specializes in men's footwear and is based in Vigevano, cites a slowdown in demand, both domestically and internationally, due to various factors including Brexit and the weakening of the economy in Germany and France. Moreschi employs 237 people, down from 256 in February 2018, when 19 people took advantage of an early retirement scheme in the context of a restructuring of its debt. At the time, seven banks subscribed to a new credit facility for Moreschi. The company produces almost 900 pairs of shoes per day, pricing them at €400 to €600 at retail. It expected to achieve around €30 million in revenues in 2018. Besides a presence in many international department stores, Moreschi has a network of 40 single-brand retail stores in Italy and abroad. For the past 40 years, it has been active in the Middle East, where last year it opened stores in Amman, Kuwait City, Teheran, Beirut and Ramallah on top of those in Dubai, Baghdad, Erbil, Jeddah and Doha.

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