Reasons for the closure of Guangzhou Mingfu Shoes Factory

Guangzhou Mingfu Shoes Factory closed down for the following reasons:

1. Decline in operating income: Due to changes in market demand, the sales and profits of Guangzhou Mingfu Shoes Factory decreased, which led to the company's financial difficulties.

2. Competitive pressure: Due to fierce market competition, Guangzhou Mingfu Shoes Factory is under pressure from other competitors, resulting in a decrease in the company's market share.

3. Guangzhou Mingfu Shoes Factory has many labor disputes, sales contracts disputes and processing contracts disputes.