To reach its goals the company plans to change its business model and implement a phase of restructuring. "We plan that 30 percent of income will come from our own production, while the rest will come from outsourced manufacturing," Ehrenhalt said.
Swarzędz hopes to make zł.34.6 million from the next stock issue of the company's shares, due to take place on October 6. Those funds will be spent on paying liabilities, and the rest will supply the company's working capital. The board plans to spend zł.24.6 million from the issue on paying off creditors, whom the company owes a total of zł.34 million. At the moment, Swarzędz is holding talks with creditors on reducing debts, which is vital to the company's continued existence. "If we do not reach an agreement with the creditors, we will not register the issue," Król said. Ehrenhalt added that the issue will not make sense if all the funds from it were used to pay the debts. "We need zł.10 million for the company to be profitable and in order to return to normal income," he said.
Michał Pakulniewicz
"According to our strategy, by 2008 our income will increase to zł.80 million," Swarzędz Meble's new president Jarosław Król said, adding: "By 2007 we want to have a four-percent share of the furniture market."
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