Coats, world’s leading industrial thread manufacturer and a major player in the Americas textile crafts market decides to close Coats Crafts UK, its British crafts business. Most of the operations will come to a halt by October this year. The company has ensured its customers on continuity of supply and the transition to alternative distributers.
Anna Mitchell, Managing Director, Coats Crafts UK averred, “Coats is proud of its UK heritage and long association supporting UK based crafters and would like to thank all of our employees and customers, past and present, for their loyalty to our products and company.”
Furthermore, the thread manufacturer has said that the situation (Brexit) in the UK does not affect the Coats Americas Crafts business. This decision is entirely independent of the results of the EU Referendum. Employee consultation process was started before the vote, the company release mentions. Reasons behind the closure are yet to be revealed…
Coats, which operates in more than 60 countries worldwide, employs 19,000 people across six continents. On financial front, the company’s revenues stood at US $ 1.5 billion in the year 2015.