Turkey's Textile Giant Closes 7 Factories: The Sector Is Suffering Increasing Losses.
11 Articles
11 Articles
As factory closures and job losses continue in the textile and apparel sector, billions of dollars of investment in the sector are also under pressure. TYH Tekstil's closure of a significant portion of its factories and the dismissal of thousands of employees is one of the latest examples of the contraction in the sector.
Giant garment factories are closing their doors. After denim giant Orta Anadolu, TYH Tekstil also announced that it has closed 7 of its 13 factories and laid off 5,000 people.
The contraction in Türkiye's textile and apparel sector has also affected TYH Tekstil, a major producer. The company closed 7 of its 13 factories, reducing its number of facilities to 6. While the number of employees decreased from 6,900 to 1,900, 5,000 people were laid off. The details of these developments in the sector, affected by rising costs and shrinking export markets, are noteworthy; here are the details...
TYH Tekstil, one of Turkey's leading ready-to-wear manufacturers, announced the closure of seven of its thirteen factories due to rising costs and exchange rate pressures. The company, which has entered into bankruptcy proceedings, was forced to lay off 5,000 employees, reducing its workforce from 6,900 to 1,900.
TYH Tekstil closed seven of its thirteen factories. Chairman of the Board Selçuk Mehmet Kaya stated that approximately five thousand workers were laid off during this period.
TYH Tekstil, a company that produces for world-renowned brands, closed 7 factories and laid off 5,000 employees. While the company, currently undergoing bankruptcy proceedings, saw its workforce reduced to 1,900, Akın Tekstil, another long-established manufacturer, also decided to downsize its operations. The article "Major contraction in textiles: 7 factories closed, 5,000 people left unemployed" first appeared on TR724.
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