Pattaya Daily News

22 August 2013 :: 10:08:52 am 77572

PAN Footwear Announces Factory Shutdown

After a severe plunge in production Pan Asia footwear has currently announced ceasing all shoes and bags production from 31st of August 2013 onwards,resulting in 2000 employee layoffs.
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CHONBURI – August 20,2013 [Pattaya Daily News]; Pan Asia Footwear Co., Ltd. one of Saha Group branches, is a large manufacturer of footwear in Thailand and one of the first companies in Thailand to have manufactured shoes for international brand names like Nike and Pan have announced shutdown.

This factory was established on February 2, 1979 which registered a capital of 10 million, and covers an area of 32 rai. The company served the market for 34 years, having approximately 3,760 employees.

During this shutdown the factory laid-off about 2,000 workers. The company has come to agreement and is willing to pay all benefits and compensation so that the workers are satisfied and have no complaints. The Company has been suffering for the past 3-5 years due to sales decline which has left them with a financial deficit.

The reason behind was because they relocated their factory elsewhere to meet the supply for their biggest suppliers, also the wages have increased. Meanwhile, the number of order volume reduced leaving the company’s supply capacity more than its demand.

The rising household debt and unstable political situation creates a psychological effect to spend less and save more!

Reporter : Yanathip   Photo : Internet   Category : Business News

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