Home / Knowledge / News / Textiles / Textile factory in Narva to go into liquidation
Textile factory in Narva to go into liquidation
08
Nov '10
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

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


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



X