Vistula closes Artisti Italiani as part of moves to lower debts

Krakow-based clothing company Vistula has decided to close its subsidiary Artisti Italiani (AI), which cost it about zl. 30 million. Despite the fact that the stock under the brand name of AI is worth zl. 17 million, the company believes it will only receive a few million zloty from the sale. "We have closed a project which was sucking cash from us. The money received from sales should improve our liquidity," said Vistula president Michal Wojcik. He added that by the end of the month, Vistula will prepare a business plan for the coming three years, which will aim at lowering its indebtedness and achieving profits from sales. According to the consolidated balance sheet for Q4 of 2002, the liabilities and reserves amounted to zl. 79.5 million. (Rzeczpospolita, p. B5) M.M.