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CORPORATE NEWS

JAS seeks 95m Sk NLO loan

The shoemaker JAS Bardejov Inc., faced with laying off 2,177 of its total 4,000 workforce on November 1 due to monthly losses worth 10 million Sk (See TSS, Vol. 3 #15), submitted a restructuring program to the National Labor Office (Národný úrad práce - NÚP). If accepted, the NÚP would provide a 95-97 million Sk loan which should help JAS keep all its employees. Part of the plan is to move employees to JAS's daughter companies. JAS officials also believe the firm's selection by the government's revitalization committee will also help it to recover.

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