About 350 of the 550 workers at Mifa Bike, the German bicycle manufacturer, were requested to switch to a shorter working week for three months from the start of October to support the company's turnaround. Mifa filed for insolvency in September last year, after the failure of takeover discussions with Hero Cycles, the Indian bicycle maker, and it was acquired earlier this year by the German businessman Heinrich von Nathusius. He told the Mitteldeutsche Zeitung that Mifa has budgeted sales of nearly 400,000 bicycles, equivalent to a turnover of about €60 million, for the rump of the financial year from January through September, but that was insufficient to make the company profitable. Shortly after the takeover, he said more than 50,000 bicycles had been found in various warehouses and sometimes had to be sold off at reduced prices due to their parlous state. The 350 employees on shorter working weeks are to work for 30 percent of their time and undergo training for the same amount of time. The owner is projecting a return to normal next year, with a strong order book and sales reaching €104 million for the fiscal year.

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