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Cortefiel to shut down Hungarian suit factory

Tourism

Spain's Grupo Cortefiel will shut down its men's suit manufacturing unit Tulipán in Hungary and move production to North Africa, business daily Napi Gazdaság reported on Tuesday.

The factory, located in Székesfehérvár, will close on July 27 and all 250 employees will be laid off. Still, there is a chance the factory could be sold to a professional investor who could take on some of the laid off workers, the paper said.
Cortefiel has also operated a logistics and administrative center in Székesfehérvár. Grupo Cortefiel bought the Székesfehérvár factory for $1.3 million from a French owner in 1999, when it was put up for liquidation. It spent a further Ft 100 million on developments at the factory.
Grupo Cortefiel will continue to operate its other two units in Hungary: Women's Secret Magyarország Kft and Springfield Hungary Kft. Together, the units employ 80 people.

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