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Neo Fashion to down its shutter by this week end
11 Jan '08
1 min read
Neo Fashion Inc, a garment manufacturing unit in San Antonio, Saipan has declared its closure by January 13.
Although, 26 of the 82 foreign employees are making a move back to their home country, the remaining 62 would stay back and hunt for new employers.
The manufacturing unit had informed the Labor Ministry about its intention way back in November 2007, furnishing obvious reasons like adverse economic conditions brought about by the application of the federal minimum wage act, trade competition from China and other Asian neighboring countries, increased costs of conducting business in the Commonwealth of the Northern Mariana Islands (CNMI), and the lack of overseas orders.
This condition of textile units in Saipan is so piteous that Sam Kwang Saipan Corp and Poong in Saipan Inc will also close by January 16 and 28 respectively. With Neo Fashion's closure, the country will only be left with 13 garment factories conducting operations. Seven of these have already announced their planned closure this year.
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Although, 26 of the 82 foreign employees are making a move back to their home country, the remaining 62 would stay back and hunt for new employers.
The manufacturing unit had informed the Labor Ministry about its intention way back in November 2007, furnishing obvious reasons like adverse economic conditions brought about by the application of the federal minimum wage act, trade competition from China and other Asian neighboring countries, increased costs of conducting business in the Commonwealth of the Northern Mariana Islands (CNMI), and the lack of overseas orders.
This condition of textile units in Saipan is so piteous that Sam Kwang Saipan Corp and Poong in Saipan Inc will also close by January 16 and 28 respectively. With Neo Fashion's closure, the country will only be left with 13 garment factories conducting operations. Seven of these have already announced their planned closure this year.
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