Home / Knowledge / News / Textiles / Varteks introduces Integral Business & Financial Restructuring plan
Varteks introduces Integral Business & Financial Restructuring plan
20
Jan '10
Zoran Košcec
Zoran Košcec
The Integral Business and Financial Restructuring Plan is primarily Varteks's response to the crisis, but despite this it also contains development projects, all with the aim for Varteks to survive and develop in the future.

The company is currently in the process of presenting the plan to business banks, but also other interest groups (workers' councils, ministries). Today's presentation to the media was organized in accordance with the presentation plan. Considering that the plan relies on the company's own resources, part of it includes the sale of real estate assets with the basic goal to lower credit exposure towards banks. With this aim and in accordance with the defined dynamic, two projects, i.e. City Center Rijeka and Quatris, are in the process of being sold.

Along with the sale of real estate assets, the plan also includes the shut-down of unprofitable parts of the company, and parallel with this, the further strengthening and development of profitable parts of the system. The implementation of the 4th crisis measures level, which includes additional cuts in operating costs and primarily cuts in the administrative number of employees, is planned as well.

What will happen to employment in the textile industry, but also at Varteks, in the future largely depends on the further development of market circumstances, but also on the implementation of anti-recession measures, as well as measures to preserve employment and to support the struggling real sector that are being announced but have not yet taken hold in practice. When it comes to the textile industry, the approach in the further implementation of the already accepted and adopted textile and garment industry strategy is important as well.

“Varteks directs all of its efforts towards the sustainability of the vertically organized system, but without the implementation of concrete measures on the part of the state this won't be possible any longer. When it comes to the company's market orientation, the brands strategy will have its base in the development and strengthening of our own brands, but also in the selection and standardization of trade brands in the sales portfolio. In addition to this, our aim is to additionally strengthen our position in the business clothing segment by changing the sales unit concept, but also through the streetwear sales program of Levi's not only in Croatia, but also by continuing to strengthen our position in the region. Apart from above-mentioned programs, Varteks's development projects also include the strengthening of the B2B program aimed towards corporate agreements, but also the development of the assortment specialized for public procurement needs, as well as export projects”, said Zoran Košcec, Chairman of the Board of Varteks d.d.

Additional possibilities were developed in the plan through the relocation of the company to a new location, which would create pre-conditions to increase the efficiency of current activities, but also the development of new ones. Thus we will create the pre-condition not only for the stabilization of business, but also for the company's future sustainable development. The plan also elaborates on a worker shareholding project, which should be implemented in the second quarter of 2010.


Must ReadView All

New Investment for traditional Myanmar textiles, weavers

Textiles | On 21st Oct 2018

New Investment for traditional Myanmar textiles, weavers

Myanmar Artisans Co Ltd, Turquoise Mountain and the DaNa Facility,...

Pak knitwear exporters plan environmental compliance

Textiles | On 21st Oct 2018

Pak knitwear exporters plan environmental compliance

Pakistani manufacturers and exporters of knitwear garments have...

Courtesy: Hyosung

Textiles | On 21st Oct 2018

Hyosung converting spandex plants into smart factories

Hyosung TNC, the textile and trading unit arm of Hyosung, is...

Interviews View All

Siddharth Biyani, Mangalam Industries Pvt Ltd

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Cyril Pereira, Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Frank Gossmann, Rotorcraft AG

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Vikas Banduke,

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries is into manufacturing of textile process house machines, ...

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions &amp; Vertriebs Gmbh, founded in 1978 and headquartered ...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Varsha Wadhwa, VW

Varsha Wadhwa
VW

Coming from a family that ran a business of jute and linen mills since...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search