Administrators appointed for Les Tanneries Du Puy
30/03/2010
A commercial court at Le Puy-en-Velay in central France is likely to give local tanning company Les Tanneries Du Puy protection against creditors for a period of six months.
The court also appointed two administrators to step in to prevent the company from going into liquidation.
Trade union representatives have said they will not accept any lay-offs. They said the workers at Les Tanneries Du Puy had already tried hard to help the company overcome its financial difficulties by accepting salary freezes and temporary lay-offs. The CGT union said it was still hopeful a permanent solution could be found, allowing all its members to keep their jobs.
The tannery said its financial troubles are because of a downturn in demand for its leather, and also a lack of investment in the equipment the facility is using.
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