×
By
Reuters
Published
Mar 9, 2020
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Polish clothing retailer LPP cuts costs fearing economic slowdown

By
Reuters
Published
Mar 9, 2020

​Poland’s biggest clothing retailer LPP has decided to freeze investments in office space, IT and new hires and put on hold pay rises for middle management due to an expected economic slowdown, CEO Marek Piechocki said in an internal memo seen by Reuters.


LPP


“Put on hold hiring in all departments for 3 months ... put on hold construction of buildings 2 and 3 (around PLN 180 million ($47 million) ... put on hold all projects, especially IT, that are not key or bringing big savings,” Piechocki said in the email to employees.

An LPP spokeswoman said she could not confirm the information.

© Thomson Reuters 2022 All rights reserved.