Fetrinelli puts off layoffs to renew business

Issues 'solidarity contracts' to its 1,370 workers

Fetrinelli puts off layoffs to renew business

Milan, May 3 - Italian book and music retail chain Feltrinelli announced on Friday it is launching 'solidariety contracts' for its 1,370 employees, and will avoid layoffs for a year despite the company's slumping business. Fetrinelli said the aim of the move was to raise productivity and carry out adaptations to meet the new, fast changing needs of the market, so that labor costs become sustainable once more. "The economic crisis and the digital revolution have completely overturned the market for cultural consumption, forcing many companies in the sector, in Italy and abroad, (to take) severe and painful extraordinary measures," said the company in a statement. Feltrinelli described 2012 as "a particularly difficult year with net sales falling 5% compared to 2011 despite opening new points of sale". The company added that net sales have contracted 11% in the last two years.

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