Italy's Safilo to cut 1,000 jobs

MILAN - Italian eyeglasses maker Safilo said on Friday it plans to cut 1,000 jobs after losing a contract to manufacture eyewear for designer Giorgio Armani to larger rival Luxottica last November.

The company said it informed unions of its decision and will enter negotiations "to closely examine the situation" from Friday until May 28.

Safilo said it will make "all possible efforts to identify shared solutions to ensure the best possible management of the overstaffing problem."

On May 4, the company said first quarter sales fell 4 percent to 288.7 million euros because of the phasing-out of its contract with Armani.

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