"If we want to secure our future, we don't see alternatives to these grave measures that are painful for many employees and friends of the company," Juwi owners Matthias Willenbacher and Fred Jung said.
Juwi's revenue last year plunged by close to 30% to €710m ($970m) amid a collapse of the market for large German solar arrays that could only partially be offset by more wind developments in Germany and a shift to overseas activities, the company said.
