Swiss luxury watchmaker Ebel SA announced this month that it is restructuring its watchmaking operation at La Chaux-de-Fonds, Switzerland “to create a sustainable business structure that projects profitability for the future.” The restructuring follows losses for the company over the past three years of 40 million Swiss francs (about $31.2 million).

The workforce of 175 people will be reduced by 70, a 40% reduction. A social benefits plan for employees to be let go is being negotiated by Ebel and the trade unions representing its workforce, in accordance with Swiss labor regulations, said the company.

Ebel S.A., which does about 80 million Swiss francs (about US$62.5 million) in business annually, was purchased earlier this year by the Movado Group for $47.3 million from LVMH, the French luxury goods conglomerate.

JCK