MMI Textiles’ president: ‘We’re a company with a lot of talent’
MMI has decided to close its U.S. and European headquarters in the coming weeks, the company’s president told The Jerusalem Times on Thursday.
The company, which manufactures and markets a wide range of textiles in over 40 countries, said in its statement that it will cut jobs by nearly 20 percent.
The announcement comes two months after the company announced that it had lost nearly a third of its workforce and that it would close a facility in Florida in February.
The MMI founder, Rabbi Shmuel Kagan, said on Thursday that the company has experienced a difficult year, as the company had to reduce production in recent months.
He said the company was trying to make amends to shareholders for the company being sold.
The company had planned to open a factory in Israel but has decided not to move ahead with the plan.
The Israeli government has been working with MMI to keep the company in the country, he said.
Kagan also said that he hopes that the Israeli government will help MMI move its operations into Israel and expand production in the future.
MMI is now in talks with Israeli government officials, he added.
“We’re not looking for any more deals,” he said of MMI’s exit from the United States.
“We have been able to grow the company and have a great relationship with our Israeli partners.
MMi’s operations in Israel have become more important than ever, as we have been unable to fulfill our production quotas.”
MMI was founded in 2007 by Rabbi Shmuley Boteach, a former president of the American Jewish Congress.
The Israeli-born rabbi has served as the CEO of the company since 2013.
He took over the helm of MMIA in 2016 and has overseen the company for the past six years.
The Jerusalem Post reported last month that MMI had lost more than $20 million in 2016, including $9.6 million in profit and losses on non-performing loans, and that its cash flow had declined by $10 million in the first nine months of this year.MMI said that its 2016 earnings were $1.6 billion, a loss of $8.2 million.
The AJC reported earlier this year that MMIA was in the process of cutting about 5,000 jobs across the company.
In December, the Israeli media outlet Haaretz reported that MMIPL was planning to open an office in Israel and that the office would be located in Jerusalem.
MMIPl had also been discussing the possible establishment of an office and factory in the city of Beersheba, Haaretz said.
According to MMIA, its U, E and P divisions will continue to operate.
In the U.K., MMIA will also remain open.