Japanese textile factory to close after 25 years
Japanese textile manufacturing company Phoenix Textiles has announced plans to close its Phoenix textile factory and close a new one.
Phoenix Textiles, based in Fukuoka Prefecture, said in a press release on Friday that the company will cease production of textiles after 25-years.
The announcement comes just months after the company announced it would be closing its Fukuokas Textile Factory, which it owned for 15 years.
“Phoenix Textile’s production is based on our vision of making textiles that are both durable and beautiful to wear,” the company said.
“It has become clear that the world is changing rapidly and we need to focus on innovation and innovation in the world.”
The announcement comes less than a week after Japan’s central bank and other central banks cut interest rates and increased their key lending rates.
The move is seen as a response to the global economic downturn.