HB Reavis is laying off almost a fifth of its 700 workers
Developer HB Reavis of Ivan Chrenko, Slovakia’s second wealthiest person, has been seeking an investor since 2018, but paused the process during the pandemic. It is laying off almost a fifth of its 700 workers and is cutting wages (moving part of basic wages into bonuses), says its CEO Marian Herman. He maintains the company has no financial problems and is still active in Bratislava, London, Czechia, Poland, Hungary, and Germany. It recently acquired a new project in London and is fully able to service its €340m bonds. The cuts stem from delays in some projects, such as Slovakia’s largest shopping mall in Bratislava’s Mlynské Nivy.
