September 5 (SeeNews) - Bosnian textile company Alma Ras closed its factory in Bosanski Petrovac on August 31 due to decreased product demand, it said on Tuesday.
Orders from foreign customers declined as sales dropped in Europe due to the increase in prices and noticeable pessimism among consumers in the EU, Alma Ras said in a statement sent to SeeNews.
The factory employed 52 people.
Further cuts in operations are not foreseen as the company does not expect additional decline in orders, Alma Res added.
According to its website, Alma Ras operates 13 production facilities in six cities across Bosnia, as well as retail locations in Bosnia, Slovenia and Montenegro. The company has over 1,300 employees.