Although founded in Argentina, textile giant Alpargatas, now owned by Brazilian investors, has announced it will leave its country of origin due to financial difficulties.
The clothing firm Alpargatas shut down its factory in the Argentine province of Chaco, it was reported Monday. The company made it clear it was not a temporary measure by laying off the entire staff and placing the facilities on sale. Further closures and subsequent dismissals nationwide look imminent.
One of Argentina’s main textile and shoe wear companies, Alpargatas belonging to the powerful Brazilian Camargo Correa group has begun the process to abandon the Buenos Aires stock exchange.