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By
Reuters
Published
Feb 5, 2014
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Marimekko to cut jobs after fourth-quarter loss

By
Reuters
Published
Feb 5, 2014

HELSINKI, Finland - Finnish textile and design company Marimekko said it was cutting jobs after booking a loss in the fourth quarter due to a costly expansion in the United States and weak consumer spending in Europe.

Marimekko, known for its bold and colourful prints, posted a quarterly operating loss of 600,000 euros ($810,600) compared to break-even a year earlier. Net sales fell 1 percent to 25.5 million euros.

It said it was cutting 65 jobs in Finland and the United States and would revamp its design business by hiring a new creative director.

$1 = 0.7402 euros

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