Merchant House International Limited announced that the Board of the company has resolved to permanently cease operations at the FIT factory in the USA. The cessation of business follows continued losses generated by the business. The closure will take place on 27 October 2023 with a view to disposing of the business operations, subject to any regulatory or ASX approvals that may be required.

The company also advises that it continues to negotiate with the controlling shareholder of Tianjin Tianxing Kesheng Leather Products Company Limited (Tianjin) to divest the company's 33.79% interest in Tianjin, as previously advised to the market on 13 July 2023.