Bangladesh denim mill Salek Textile—formerly Titas Spinning and Denim Company Limited—will close on Dec. 31, according to a recent report. The mill’s parent company, Malek Spinning Mills Limited, cited the unit’s “instability” as the reason for its shuttering, noting that it’s been underperforming since its inception in 2014. Its performance, coupled with the building’s expiring lease, prompted the closure. The company will sell Salek’s assets to pay off its liabilities, and Managing Director a Matin Chowdhury told that workers’ salaries have been paid. Malek Spinning Mills launched in 1991 and went public almost two decades later in 2008. It sources cotton from the U.S., and exports its yarn to apparel retailers around the world.