The company owes creditors 3.4 million euros.
Yanko employs 193 workers, mainly in Inca and Llucmajor, although it also has shops in other parts of the country. Most of the 17 people who face losing their job on the mainland are located in Barcelona. Carrillo said that the chief shareholder, Catalan businessman Xavier Camps, hopes to reach a rapid agreement with the unions about the job cuts, as if no agreement is reached before the end of November, the company will go into liquidation, despite a 15 million euro cash injection which failed to help the firm recover its losses. This is the second time the company has cut its workforce in ten years, as in 1996 it let 100 workers go, making a commitment to invest 350 million pesetas to maintain 130 jobs and production in the Balearics until the year 2000. The lawyer underlined Camps' efforts to maintain the commitment and try to refloat the company, which included sending a small part of production abroad to cut costs. The chief cause of losses, he said, was competition from Asia.
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