‘Money and stamp printer Joh Enschede on verge of bankruptcy’

Printing company Joh Enschede is on the verge of bankruptcy and has asked staff to forgo holiday pay – the equivalent of an 8% pay cut.

The pay cut has been called for by an outside investor who has been trying to solve the company’s problems since the summer, news agency ANP said on Thursday.

A spokesman for the FNV print union said the company had been hit hard by competition from abroad. Other European printers get government help and Joh Enschede does not, he told ANP.

Joh Enschede has lost the contract to print Dutch passports but still produces cash, stamps and other official documents, ANP said.

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