The Hong Kong-based loss making shoe retailer Le Saunda Holdings has shed 20% of its workforce, and is considering diversifying into other consumer products in order to regain profitability.

In an effort to cut excessive inventory, the company had reduced its annual output to below one million pairs and as of February, it had cut its inventory levels to $10.4 million from $22.8 million a year before. Price-cutting measures and strategic warehouse sales contributed to the sharp reduction.

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