Brazil-based shoemaker Calcados Azaleia is to close down its plant at Sao Sebastiao do Cai, Rio Grande do Sul, in a move that will cause 800 job losses.

 

In a statement filed with the stock regulator, Azaleia said the move is aimed at slashing losses caused by a rise in competition from China and an overvaluation of the Real currency.

 

The unit, which has the capacity to turn out 10,000 pairs of shoes daily, has been making losses for the past 18 months.

 

Azaleia is the biggest shoe producer in Latin America