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Your go-to source for news, anytime, anywhere! Insightful industry information from the textile, apparel & fashion world with our news app
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Clothing Co Saez Merino's continued slide to may cause job cuts
04 Feb '06
1 min read
Saez Merino, manufacturing and marketing clothes under brand name Lois, Cimarron, Caroche and Caster, has incurred losses of 14 million Euros last year and plans to fightout competition in and thus get further credit as it was unable to pay suppliers.
Cost of laying off 542 workers after closure of its four Valencia plants (Torrent, Carcaixent, Casas Ibáñez, and Ayora) are also included in the company's losses.
The company has been unable to pay Christmas bonuses to its workers at the Valencia factory.
It is feared that manufacturing may stop in its Valencia plants resulting into further 300 jobs cuts.
Poor performance since 2004 has been blamed on stiff competition offered by low-cost textile imports from Asian companies and manufacturers.
The company is contemplating to run down its business in Spain and subcontract its production to North African partners.
Cost of laying off 542 workers after closure of its four Valencia plants (Torrent, Carcaixent, Casas Ibáñez, and Ayora) are also included in the company's losses.
The company has been unable to pay Christmas bonuses to its workers at the Valencia factory.
It is feared that manufacturing may stop in its Valencia plants resulting into further 300 jobs cuts.
Poor performance since 2004 has been blamed on stiff competition offered by low-cost textile imports from Asian companies and manufacturers.
The company is contemplating to run down its business in Spain and subcontract its production to North African partners.
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