Home / Knowledge / News / Textiles / Textile biggies pulling down shutters

Textile biggies pulling down shutters

01
Dec '08
Turkey which is one of the leading textile and garment exporters in the world and which also has a well entrenched sector has also started feeling the heat of the meltdown across the globe.

Tekerekoglu Tekstil, the world's third largest home textile manufacturer has suspended production, arising from the global crisis. The company which had accumulated around US $42 million in debt has sold off two of its five production units to retire its loans.

An estimated 1,800 workers are expected to have lost their jobs since production was suspended in all the five production units. Tekerekoglu Tekstil was set up in 1975 and ships home textiles to around fifty countries across the globe.

Earlier, Sonmez Filament which is considered one of the giants in the sector had also halted production, while Edip Iplik declared its intent to shut down from December 31. As the situation worsens textile companies are tightening their seat belts.

Companies are trying in earnest to cut production costs while some are operating below full capacities while others who are not able to stand up to the crisis are simply shutting down their plants. This action is bringing large scale unemployment in the country.

The textile sector is the largest employment generator in the country and accounts for 25 percent of all exports from the country and contributes nearly 11 percent to the GDP of the country.

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 4th Aug 2020

India widens scope of credit guarantee scheme for MSMEs

India last week widened the scope of the ₹3-lakh crore credit...

Pic: IndianOil

Textiles | On 4th Aug 2020

IndianOil to set up ₹13,805 cr PX-PTA complex at Paradip

The board of Indian Oil Corporation Ltd (commonly known as IndianOil) ...

Pic: Shutterstock

Apparel/Garments | On 4th Aug 2020

EVFTA fabric origin rule a challenge for Vietnamese firms

Despite the European Union (EU)-Vietnam Free Trade Agreement (EVFTA), ...

Interviews View All

DK Sharma, Velocity Apparelz

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Textile Industry, Head honchos

Textile Industry
Head honchos

We are staring at livelihood crisis for weavers

Top executives, Textile industry

Top executives
Textile industry

RoSCTL is need of the hour

Fiorella Cattelan,

Fiorella Cattelan

With flexibility and versatility, Dettin strives to meet the specific...

Paolo Toricella,

Paolo Toricella

Electronics for Imaging (EFI) is a global technology company, based in...

Akshat Chaudhary,

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Matthew Kolmes, Supreme Corporation

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Johan Berlin, InvestKonsult Sweden AB

Johan Berlin
InvestKonsult Sweden AB

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

Sneha Arora, Label Sneha Arora

Sneha Arora
Label Sneha Arora

Sneha Arora, an alumnus of National Institute of Fashion Technology,...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant & Nandita are known for being inspired by...

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

Leave your Comments


July 2020

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


Advanced Search