Wolford AG started further restructuring measures

In view of the continuing negative revenue developments in the financial year 2018/19 (May 2018 to February 2019: -9 %), the management board initiated comprehensive restructuring measures with sustainable cost saving potential to bring the company’s cost structure in line with the revenues. The expected savings potential significantly exceeds ten million euros. In addition, sales activities will be strengthened, in particular in Asia. Wolford is in negotiations with the financing banks to ensure the funds available to service the liquidity needs. Wolford plans to return to profitability (positive operating result) in the financial year 2020/21.