August 15 (SeeNews) - Bulgarian wool producer Katex [BUL:5KTE] said it is halting operations due to decreased productivity and unfavorable market conditions.
The company has started a layoff procedure of its personnel, it said in a letter posted on its website.
Katex will maintain its manufacturing facilities in a way that would allow a relaunch of operations in case of improvement of market conditions.
As at end-June, the company had 189 workers, according to its half-year financial report.
Katex generated a net loss of 2.2 million levs ($1.25 million/1.12 million euro) in 2015, compared to a loss of 1.9 million levs in the previous year.
(1 euro=1.95583 levs)