The biggest bottler of olive oil in the world, SOS Cuetara, has said that it intends to take drastic measures to appease its creditors who are chasing them for over one billion Euros. The company is going to lay off, not some, but all of its 600 Spanish staff.
This will of course close its Spanish factories for as long as six months out of the next 12, in an effort to cut costs. They have units in other countries that will remain in operation.
The company says it needs to cut back production in response to a drop in sales, and the most effective way to do that is to enforce temporary layoffs.