Although it ranked among the leaders on the Slovak furniture market just four years ago, Prešov-based manufacturer of semi-finished furniture products Naceva is set to close down completely after twenty years in business and an unsuccessful restructuring procedure. The furniture firm, which had a total of 14 subsidiaries in Slovakia and Poland in which it employed 130 people, fell prey to mounting debts and cheaper competition.
The revenues of the firm went down sharply with the economic crisis, and the company gradually found itself unable to pay its debts. “The fiercest competition is from Poland and some other Eastern European countries. They're able to make use of the advantage of lower deductions and other expenditures on employees”, said Samuel Krošlak, a furniture company owner quoted by the Hospodárske noviny daily.
