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"Due to the impact of high inflation on purchases of consumer durables and low consumer confidence, it is predicted that market demand for major appliances in Europe and the United States decreased substantially more quickly in the third quarter than in the second quarter. The impact of the slowdown in consumer demand was made worse by high inventory levels at retailers," said the company.
It stated that the board had made the decision to start a cost-cutting program because it anticipated reduced market demand in the US and Europe in 2023.
The program's main goal will be to cut expenses overall, with a focus on our supply chain and manufacturing's inefficient expenditures in particular. Prioritization and efficiency techniques will be used in structural cost reductions, which will mostly take place in Europe and North America.
source: cnn.com
It stated that the board had made the decision to start a cost-cutting program because it anticipated reduced market demand in the US and Europe in 2023.
The program's main goal will be to cut expenses overall, with a focus on our supply chain and manufacturing's inefficient expenditures in particular. Prioritization and efficiency techniques will be used in structural cost reductions, which will mostly take place in Europe and North America.
source: cnn.com
