March 6, 2020 / 11:51 AM / a month ago

Polish clothing retailer LPP cuts costs fearing economic slowdown -memo

WARSAW, March 6 (Reuters) - Poland’s biggest clothing retailer LPP has decided to freeze investments in office space, IT and new hires and put on hold pay rises for middle management due to an expected economic slowdown, CEO Marek Piechocki said in an internal memo seen by Reuters.

“Put on hold hiring in all departments for 3 months ... put on hold construction of buildings 2 and 3 (around PLN 180 million ($47 million) ... put on hold all projects, especially IT, that are not key or bringing big savings,” Piechocki said in the email to employees.

An LPP spokeswoman said she could not confirm the information.

$1 = 3.8000 zlotys Reporting by Warsaw Newsroom; editing by David Evans

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