The Hong Kong subsidiary of Japanese zipper manufacturer YKK will fire 240 workers and close its factory in Tuen Mun as part of its business restructuring plan.
The company said that the change in the market structure is the main reason for making such decision, adding that the pandemic is also one of the factors.
The layoff has begun since this June in phases. Around 20 workers from manufacture support, sales and administration positions will be fired. The closure of its Tuen Mun factory will also see around 220 workers to be axed.
Compensation packages will be offered to affected staffers, depending on their experiences and other factors, the company said.
After the business restructuring the company will continue to operate as a retail company, it pointed out.
Records showed that the Hong Kong branch of YKK was founded in 1966, and was responsible to manufacture and sell zipper, plastic buckle and hook-and-loop fasteners under the brand name.
