On 21 September 2017, the German textile company Color Textil confirmed the closure of its factory in Frankenberg, resulting in the loss of 150 jobs. In March 2017, a large part of the factory was destroyed in a fire causing a halt in production. Due to financial difficulties which are a result of a decreased number of orders as well as tough insurance negotiations, the factory will not be rebuilt and officially shut down.

Management announced that the job reduction will be socially acceptable and according to a social plan which will be negotiated as soon as possible.