Gas, the Italian sportswear brand, is restructuring. Seventy of the company’s 313 internal employees will receive severance pay for one year beginning today.

Grotto, Gas’s parent company, had been repositioning the brand since 2005, with plans to expand in Europe and Asia, but the difficult economic climate and decrease in sales had slowed down the company’s projects and targets. Gas’s turnover in 2007 fell 9.5% compared to the previous year.

Gas had already hinted at more serious problems in July 2008, when it announced it would let go 70 employees. As a result of several meetings with local unions, those employees received severance pay.

Gas currently works with 2,400 stores and 120 monobrand ones, 53 of which are directly-owned and operated. The company is present in 56 countries and employs 650 people in total. Restructuring could be completed by 2011.