Second firm in KIC bows out

According to Yonhap:

One of South Korea’s small and mid-sized manufacturing companies (SME) at the inter-Korean industrial complex has applied for business closure due to falling sales, officials said Thursday.

An unidentified small manufacturer for watch and mobile phones cases on Wednesday submitted an application for dissolution to the committee handling affairs at the joint park, according to officials from Seoul’s unification ministry.

It marked the second case since June 2009 that South Korean firms operating at the Kaesong Complex have closed their businesses. It also marked the first time since the operation of the park had been halted briefly last year.

The company, which had employed about 100 North Korean workers, has been suffering from business setbacks since 2012 as its annual sales fell to US$300,000 from its peak of some $700,000.

The Yonhap report does not mention the name of the company that is closing up shop.

The first firm to go bankrupt in the KIC was the Living Art/Sonoko Factory.

Read the full story here:
S. Korean firm at Kaesong park faces biz failure
Yonhap
2014-10-30

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