The headcount will mostly be reduced through attrition.

The news comes after workers protesting at the company's headquarters in the spring led to a change of management and the shelving of original plans to outsource much production while shrinking the local workforce to a minimum.

As of March, the core company employed 355 people at its location in the town of Žiri, while the whole group had over 1,599 workers in 13 companies in Slovenia and abroad.

Alpina said today that the layoff plan had been endorsed by social partners along with other restructuring measures.

The company has also been cutting operating costs to stay afloat, but due to stocks of unsold inventory and write-downs, it still expects to make a loss this year.

However, current operations are expected to be profitable, with the aim being group earnings before income tax, depreciation and amortisation of EUR 5.7m.

Alpina boss Bojan Gantar said that the company had "the last opportunity to act" and leverage restructuring measures to "secure the survival and successful development of the company and the brand".

The company is in 100% ownership of the Bank Asset Management Company, which is soliciting bids for its stake.