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One of the leading neckwear manufacturers and suppliers in China, Shengzhou Jinfa Necktie Co., Ltd is specialized in producing and customizing competitive and quality neckwear products either OEM-based or self-branded, including Jacquard or woven, yarn dyed or printed silk or polyester neckties, scarves, shawls, stoles and bow ties, etc. more>>

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Big necktie manufacturer goes into bankruptcy

Font Size:big - mid - smallejinfatie   Release time 08-10-08 16:18     view:1571   coomment:0   source:

Big necktie manufacturer went into bankruptcy

(Collected and Edited by Jinfa Tie)

Asakura Shoji Co., Ltd., a leading necktie manufacturer in Japan, went bankrupt on April 19 due to a sharp decline of sales and bad debts of 90 million yen incurred from Sogo's collapse in mid-July 2000. The total debt amounts to about 4 billion yen, according to the credit bureau.


Asakura Shoji was established in 1942 as a specialist necktie manufacturer. Its sales reached 10.7 billion yen at its peak in 1990, but declined to 4.3 billion yen in 2000.


The necktie industry is suffering from the shrinkage of the consumer market. Floods of imports also seriously damage manufacturers. During the past three years, imports from China necktie manufacturers increased by 27.6% from the previous year to 17,340,000 units in 2000. As a result, the All Japan Necktie Manufacturers' Federation set up a fact-finding investigation so that they can apply to Ministry of Economy, Trade and Industry for general safeguard action to curb imports of neckties.


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