The weaving mill Calcutta-Annabel in Belgium, founded in 1848, has closed its doors, putting about 80 jobs at risk. This unfortunate closure was confirmed by the Christian trade union ACV Metea, which cited a sudden drop in orders that made bankruptcy unavoidable. Despite being the oldest weaving mill in the country, Calcutta Home Fashion had recently acquired the Waregem company AG Tex and was under the ownership of CEO Christof Vermeersch. However, despite hopes for a turnaround with fresh capital and a new strategy, the company’s poor shape at the time of takeover led to mounting losses and pressure from banks. With declining production and rising costs, Calcutta-Annabel faced a lack of long-term viability and was forced to declare bankruptcy with a curator overseeing the settlement process.
Bid Adieu to Calcutta-Annabel: The Oldest Weaving Mill in Belgium Shuts Down, Leaving 80 Jobs at Risk
