Boras Wäfveri, the Swedish textile company running the 153-year-old Kreenholm textile factory, which is among the largest and longest-running enterprises in Narva, is going into liquidation.
Recently, the company announced that it is filing for bankruptcy for its Narva subsidiary, Kreenholmi Valduse AS which could render around 500 employees jobless in a city having 66,000 population that is facing economic crisis.
The factory is still running at loss, despite adopting cost-cutting measures. Increasing cotton prices and decreasing orders are the key issues which are creating trouble for the company. It had witnessed a loss of 3.3 million euros in the year 2007 and 50,000 euros in 2008.
Kreenholm textile factory was established in the year 1857 and became nationalized during the Soviet period. In the year 1980, it had employed over 11,000 workers and had been among the largest enterprises in northeast Estonia.
Fibre2fashion News Desk-India
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