Madrid, Oct 29 - The world's no. 1 olive oil bottler, SOS Cuetara, plans to temporarily lay off its entire staff in Spain as it addresses pressure from creditors to cut 1.1 billion euros ($1.62 billion) of debt.
SOS Cuetara will halt work at all of its Spanish factories and offices for up to six months over the year following approval of the lay-off plan, it said on Thursday.
The company, which employs 600 people in Spain out of a total 3,150 across the world, said the move is aimed at reducing excess capacity and costs to achieve long-term stability.
It has been struggling to fill a financial hole left by dealings by its former executives, who were fired in April.