Companies in the textile industry should file for bankruptcy to survive

According to officials in the industry, the value of industrial production reached RON 6 billion (some €1.7 bln) at the end of this year’s first seven months, compared to some €2.6 bln in 2007. The total value of exports fell by almost half, to some €845 million in this year’s first seven months.

The lack of qualified personnel, higher production costs, and the international financial crisis were some of the factors which forced a series of players, such as Steilmann Romania and J&R Enterprises to close their units and lay off employees.

Maria Grapini, President of the Federation of Employers in the Textile, Confection and Leather Industries (FEPAIUS), said that enterprises should consider filing for bankruptcy to maintain a certain level of liquidity.