Increasing prices of gas coupled with high production costs has added to the already deploring economic conditions of Saipan textile sector, forcing a number of industries to shut down.
Neo Fashion Inc, a garment manufacturing unit is one of the many companies to close its operation with effect from January 13, 2008. Tanapag garment factory was another unit to have closed down in recent months.
Apart from the already mentioned grievances, the Neo Fashion complained of stiff competition from China and other Asian neighboring countries as well as a lack of orders from international clients.
More than 78 employees will be affected by the closure making it the fourth garment unit to declare a shut down in the past one month. Only 18 garment factories will remain if Neo Fashion suns its course of termination.
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