FTL’S GITANO CUTS 25 JOBS
NEW YORK — Gitano Fashions Ltd., a subsidiary of Fruit of the Loom Corp., laid off 25 people last week in a restructuring move, according to Jim Huntington, president of the company.
The layoffs covered a variety of jobs in the firm’s offices here, Huntington said, and were a cost-cutting measure made to continue the mass market brand’s move back to profitability. Before the layoffs, there were about 150 staffers in the offices.
“It was a tough restructuring, because we lost valuable people who had been with us through thick and thin,” Huntington added. “But we made a profit for the first time in a long time in 1994, and our profits will be up significantly in 1995.”
Gitano declared bankruptcy last year and was acquired by Fruit of the Loom for $100 million.