Malta’s Bortex will be putting an end to its operations in Tunisia with immediate effect, following major losses dealt by the COVID-19 pandemic.
In a statement released on the stock exchange by Bortex Group Finance, the formal-wear company said that its Tunisian operations became a burden on the parent company throughout the pandemic.
“Unfortunately, Bortex is no longer in a position to continue with these extraordinary efforts without endangering the overall health of the entire Group and the Board of Directors have therefore decided to bring an end its operations in Tunisia with immediate effect.”
The company said that the Malta-based parent company was compensating these losses since March last year, resorting to accumulating garment inventory for which it has no immediate sales orders, in order to provide work for its Tunisian subsidiary.
In its Financial Analysis Summary, the group adds that the decision was also taken in view of the rapidly degenerating political and socio-economic climate in the country.
Bortex Group’s manufacturing operations in Malta, the European Union and the Far East are unaffected by this decision, with no impact on local or overseas fashion retail activities or international distribution operations.