- Marjorie van Elven |
Kontoor Brands, the independent company resulting from the separation of Wrangler and Lee from VF Corporation, has announced its departure from the Argentinian market from March.
“Our 200 employees in Buenos Aires have already been notified that they will no longer have a job from March”, said the company to local news site Minutouno.com. Last year the company closed down a factory in the province of La Rioja, where about 100 people worked.
The South American country is going through a rough economic crisis which has led the textile industry to drop 36.3 percent in 2018. Inflation has hit 47.6 percent last year, requiring the country to seek help from the International Monetary Fund.