Gildan lays off 1,700, shutters textile plants in Mexico amid weak sales [Business News Network (BNN) Energy & Resources (Canada)]
Gildan Activewear, Inc. Class A Sub. Vot. (GIL)
Last gildan activewear, inc. class a sub. vot. earnings: 4/29 04:15 pm
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Source: Business News Network
Gildan lays off 1,700, shutters textile plants in Mexico amid weak sales MONTREAL -- Gildan Activewear Inc. says it is laying off 1,700 employees in Mexico, where it will close its two textile and sewing plants before April amid weak sales and higher costs. The Montreal-based clothing manufacturer says that it will be relocating the equipment from Mexico to its facilities in Central America and the Caribbean. A spokeswoman for Gildan confirms to The Canadian Press that the closures will result in 1,700 jobs cut. Gildan, which reports in U.S. dollars, says net income fell more than eight per cent year over year to US$104.9 million in its third quarter. The company points to "weaker" demand for imprintable apparel and lower sock sales, which more than offset strong "activewear" sales last quarter. It says higher manufacturing costs and an expected rise in raw material prices added to the softer earnings. Sales fell two per cent to $740 million in the quarter ended Sept. 29 compared to t
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GIL
Earnings
- 10/31/24 - Beat
GIL
Sec Filings
- 11/21/24 - Form 6-K
- 11/12/24 - Form SCHEDULE
- 11/5/24 - Form 144
- GIL's page on the SEC website