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gildan to cut 1,800 jobs
by：Yufengling
2020-07-03
MONTREAL – T-
Gildan sportswear, shirt manufacturer(TSX: GIL)
With North America moving its last manufacturing sector to Central America and the Caribbean to challenge its Asian rivals, it will cut more than 1,800 jobs.
Shares of the company rose about two cents.
After Gildan said it would close its two remaining textile mills in Montreal and a cutting plant in Mumbai, time has passed high. Y.
And two sewing factories in Mexico.
\"We need to have a low-cost base for cost --
Cooperate with Asian competitors, \"vice chairman of the company
President Cam Gentile said Tuesday.
Gentile pointed out that fierce price competition from countries such as Bangladesh and said that more than a dozen T-
Shirts in North America are better than shirts in Central America.
Before the announcement on Tuesday, Jidan\'s underwear, socks, sportswear and finished products have already completed more than production in countries such as Honduras and Dominican Republic, where the company invests in the countryof-the-art technology.
The company expects the latest move to save $45 million in annual manufacturing, freight and tariff costs. The Montreal-
The company said that as its North American operations contracted, 465 employees in Canada and the United States and 1,365 employees in Mexico would be unemployed.
On last September, Gildan announced 550 layoffs in the Montreal region and the United States.
Gildan has gone deep into the global market and has no choice but to close North American operations, which are being attacked by imports from Asian and other global producers, Gentile said.
\"The company promises to provide severance pay to its employees and to provide assistance in retraining and finding other jobs.
\"They were upset,\" said Nanthakumar Pirani, the father of the three children, who worked for Gildan in Montreal for 15 years.
\"Everyone is looking for a job,\" he said . \"
Tell his family that he will be out of work, \"I am very nervous \".
Factories in Montreal and New York state will be closed this summer.
Factories in Mexico are being shut down immediately.
While abandoning the Montreal knitting plant, Gildan will move its headquarters from the building to leased space elsewhere in the Montreal area.
Gildan of the market
Share leader in wholesale T-
Shirts, which are now entering the retail market, sell their own brand of socks and underwear in some parts of the United States. S.
And regional markets in Canada.
It wants to sell a complete product line through large retailers like Wal-Mart to take on the fruit of the Loom and HanesMart (TSX: WMT).
Changes to operations announced on Tuesday will cost $21.
5 million or 35 cents per share.
This includes 29 cents per share for severance and other cash items, 6 cents per share for non-severance and other cash itemsWrite down cash.
Management expects the sale of buildings and remaining equipment to reach $15 million.
Earnings per share for the fiscal year ended September is expected to be $2.
Sales were $0. 975 billion.
Gildan shares rose $1. 17 to $66.
After trading up to $67, TSX was 91 pm.
Tuesday news 61.
Gildan sportswear, shirt manufacturer(TSX: GIL)
With North America moving its last manufacturing sector to Central America and the Caribbean to challenge its Asian rivals, it will cut more than 1,800 jobs.
Shares of the company rose about two cents.
After Gildan said it would close its two remaining textile mills in Montreal and a cutting plant in Mumbai, time has passed high. Y.
And two sewing factories in Mexico.
\"We need to have a low-cost base for cost --
Cooperate with Asian competitors, \"vice chairman of the company
President Cam Gentile said Tuesday.
Gentile pointed out that fierce price competition from countries such as Bangladesh and said that more than a dozen T-
Shirts in North America are better than shirts in Central America.
Before the announcement on Tuesday, Jidan\'s underwear, socks, sportswear and finished products have already completed more than production in countries such as Honduras and Dominican Republic, where the company invests in the countryof-the-art technology.
The company expects the latest move to save $45 million in annual manufacturing, freight and tariff costs. The Montreal-
The company said that as its North American operations contracted, 465 employees in Canada and the United States and 1,365 employees in Mexico would be unemployed.
On last September, Gildan announced 550 layoffs in the Montreal region and the United States.
Gildan has gone deep into the global market and has no choice but to close North American operations, which are being attacked by imports from Asian and other global producers, Gentile said.
\"The company promises to provide severance pay to its employees and to provide assistance in retraining and finding other jobs.
\"They were upset,\" said Nanthakumar Pirani, the father of the three children, who worked for Gildan in Montreal for 15 years.
\"Everyone is looking for a job,\" he said . \"
Tell his family that he will be out of work, \"I am very nervous \".
Factories in Montreal and New York state will be closed this summer.
Factories in Mexico are being shut down immediately.
While abandoning the Montreal knitting plant, Gildan will move its headquarters from the building to leased space elsewhere in the Montreal area.
Gildan of the market
Share leader in wholesale T-
Shirts, which are now entering the retail market, sell their own brand of socks and underwear in some parts of the United States. S.
And regional markets in Canada.
It wants to sell a complete product line through large retailers like Wal-Mart to take on the fruit of the Loom and HanesMart (TSX: WMT).
Changes to operations announced on Tuesday will cost $21.
5 million or 35 cents per share.
This includes 29 cents per share for severance and other cash items, 6 cents per share for non-severance and other cash itemsWrite down cash.
Management expects the sale of buildings and remaining equipment to reach $15 million.
Earnings per share for the fiscal year ended September is expected to be $2.
Sales were $0. 975 billion.
Gildan shares rose $1. 17 to $66.
After trading up to $67, TSX was 91 pm.
Tuesday news 61.
