Saez Merino, manufacturing and marketing clothes under brand name Lois, Cimarron, Caroche and Caster, has faced a loss of 14 million Euros last year. This company loss also includes the cost of lying off 542 workers after closure of its four Valencia plants (Torrent, Carcaixent, Casas Ibáñez, and Ayora). The company has been unable to pay
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| Christmas bonuses to its workers at the Valencia factory. It is feared that manufacturing may stop in its Valencia plants resulting into further 300 job cut. Stiff competition offered by low-cost textile imports from Asian companies and manufacturers has been blamed for poor performance since 2004. Now the company is thinking to run down its business in Spain and subcontract its production to North African partners. 
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