Dutch holding company ERIKS group reported sales for the first quarter 2009 were €270 million (US$368.1 million), an increase of 10.1% from the prior year. Organic sales declined 14.3%. Profit fell 56.9% to €6.3 million (US$8.6 million).
The market conditions for ERIKS deteriorated rapidly in the space of a few months due to the worldwide recession. We do not see any improvement yet, CEO J. van der Zouw said. As a result, the company will be eliminating 450 positions.