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Rutex on the brink

South-east Hungarian clothing manufacturer Rutex Kft will shut down production next month if it cannot find a buyer, daily Napi Gazdaság reported, citing the company.

Rutex, which makes mostly high-end clothing for West European markets, has recently decided to wind itself up and let go its 85 staff.

Established in 2004, Rutex managed for years to keep up with Asian competition but eventually fell victim to growing pressure from Far-East rivals. Its net revenue plunged nearly half last year to HUF 66.5 million from HUF 111 million in 2009. (BBJ)