Daewoo considering major layoffs amid financial troubles
The board of Daewoo-FSO has called an extraordinary shareholders meeting
for Feb. 23, 2001 to discuss possible layoffs at the embattled car maker.
According to unofficial sources, as many as 1,300 jobs, or one-fourth of
the company's staff, could be at stake due in part to Daewoo's poor 2000
sales, which were one-third lower as compared with sales in the previous
year. Adding to the company's woes is the fact that Daewoo-FSO's Korean
parent company has already declared bankruptcy, leaving its Polish
subsidiary to pay back enormous debts. In related news, Hyundai Motor is
allegedly considering acquiring Daewoo-FSO if the Korean government agrees
to financially back a potential deal. (Gazeta Wyborcza, p.22) M.S.
