Wolford announces 'comprehensive restructuring' in H1 results

Wolford AG has gone through a tough period. As earnings continue to decline alongside other various challenges and disruptions, the company has said that restructuring has been made necessary, according to its latest financial update.

Wolford's business model needs to be reinvented, the company reported, especially in production and distribution. The problems in the operational and distribution activities were exacerbated by macroeconomic pressures, according to Wolford. With the restructuring, it now wants to tackle the production chain, improve inventory management and reduce the time-to-market (the time between when a product is conceived and it is on the store shelves, ed.).

The steps were announced in the financial report for the first half of the year. Sales fell by 26.7 percent in that period, while losses also increased by 68.1 percent. On a turnover of more than 43 million euros, Wolford AG made a loss of 26 million euros.