Balkan to shed 10% jobs
Bulgaria’s Lovech-based bike maker Balkan will slim down its workforce by making 10 percent of them redundant, te company said. The decision was taken at a board meeting on Thursday and will be effective from February. The company did not identify the reason for the decision. In its September earnings statement, Balkan said demand has drastically dwindled since fourth-quarter 2008, forcing the company to send its staff on a leave. Balkan sells a substantial portion of its produce abroad. The company posted a loss of BGN 379,000 for the nine months and long-term liabilities added up to BGN 2.426 million. As at end-2008, Balkan had 206 people on the payroll, whose numbers have diminished in the past few years.