Home / Knowledge / News / Apparel/Garments / Veltex expects to hire additional sales representatives
Veltex expects to hire additional sales representatives
05
Mar '08
Veltex Corporation is pleased to announce adoption of a new strategic direction for the Company which has resulted in a restructuring of the Company and the adoption of a new business model.

These changes resulted from completion of a comprehensive review of its operations, assets, liabilities, markets, and opportunities which review occurred over the past year.

Four factors emerged as critical determinants of the Company's future growth and profitability:
- the costs, investment, and problems of operating the manufacturing facilities were increasing while profitability was decreasing;
- the efficiency of the North American operations was increasing;
- the amount of cash to support investment and working capital needs was substantial;
- problems of accounting and disclosure from international facilities were burdensome

After carefully weighing these various factors, the Board of Directors concluded that the best course of action was to eliminate manufacturing and divest the manufacturing operations, and to emphasize importation and distribution in the US and Canadian markets. Additionally, the Company will reduce its product line and concentrate on more popular items such as denim, fleece, and tee apparel.

As part of the management restructuring, the Company seeks to enlarge its Board to include members with US public company experience. It also intends to enlarge its advisory board to add expertise in fashion, fabrics, distribution, and similar apparel specialties.

The time, cost, and effort for completing separate audits for the US, Canada, and Bangladesh and then preparing consolidated financial reports have proved much greater than anticipated.


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Egypt signs agreement with UNIDO for cotton production

Egypt has signed a €1.5 million ($1.74 million) cooperation agreement ...

Interviews View All

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X