MUNICH -- Carrera Optic, the ophthalmic eyewear and sunglasses firm here, has averted a bankruptcy filing and announced it will cut 600 jobs and drop its Christian Lacroix license this year.
Last week, several of Carrera's chief creditors -- including its owner, the Bauer family -- wiped out approximately $97.8 million (170 million deutschmarks) in loans that the firm owed. The company also got an infusion of 14 million deutschmarks from the Bauers, who are based in Hamburg and involved primarily in publishing.
Last year, Carrera lost 150 million deutschmarks on sales of 360 million deutschmarks. Carrera currently produces 10 brands, including several of its own as well as licensed designer lines that include Christian Dior, Paloma Picasso and Hugo Boss.
According to Fritz Ammann, who has headed the firm since October, Carrera will stop making the Christian Lacroix eyewear it has been producing under license, because that line has not proven profitable for the firm.
Ammann said Carrera will lay off 400 employees at its Traun, Austria, manufacturing facilities. The company employs 2,800 people worldwide. The bulk of the other layoffs will be in Germany and will include management cutbacks.
In addition, he said, the company will also reduce the total number of styles it produces in its remaining brands by two-thirds.
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