Intimate Notes: Nantucket Ends Puerto Rican Venture
NANTUCKET ENDS PUERTO RICAN VENTURE: Nantucket Indus -tries said it is closing its manufacturing facility in Puerto Rico effective July 2. The company said the plant has been uneconomical and that its product needs can be met through imports and a...
NANTUCKET ENDS PUERTO RICAN VENTURE: Nantucket Indus -tries said it is closing its manufacturing facility in Puerto Rico effective July 2. The company said the plant has been uneconomical and that its product needs can be met through imports and a plant in Cartersville, Ga.
The cost associated with the closing, estimated at $5 million to $6 million, is included in the operating loss and write-downs for the fourth quarter. The figures for the quarter have not been released yet.
The Puerto Rico plant has been a loser for Nantucket since it was acquired in February 1992. Nantucket is still in litigation over claims for missing inventory.
Stephen Samburg, CEO, president and chairman, said that 175 jobs will be lost as a result of the closing.
Nantucket manufactures men's underwear under the Guess, Brut and Brittania labels and women's intimate apparel under the Guess label.
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