NEW YORK — Citing falling demand for yarn, Unifi Inc. last week said it plans to cut about 750 jobs, representing about 12.5 percent of its global work force.
The Greensboro, N.C.-based company said in a statement that it expects the cuts to save about $17.1 million a year.
The yarn texturizer noted that its U.S. production was down 5.5 percent last year, as a result of declining demand for women’s hosiery, a surge in imported gray fabric and a fourth-quarter decline in apparel buying.
“We have determined that we simply have more polyester and nylon capacity today than our domestic markets demand,” said president and chief executive officer Brian Parke, in a statement. “We are responding by balancing our overall costs and resources to the anticipated needs of the market.”
In addition to general staff cuts, Parke said the company will be closing some of its manufacturing operations.