Textile giant Sritex appeals bankruptcy as Indonesia vows to save 50,000 jobs

Quick Summary:

Sritex, which has sewn clothes for H&M, Uniqlo and Zara, fell into debt distress during the pandemic.

The industry is one of the biggest employers in Indonesia and any widespread job losses would be an early setback for Prabowo’s new government, which aims to turbo-change economic growth to 8 per cent from the current 5 per cent pace.

The clothing maker has no intention of closing its factory and is focusing on continuing operations as its business and financial conditions have shown signs of recovery over the past few years, Mr Lukminto was quoted as saying in the manpower ministry’s statement.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaIndonesia

Topics: Indonesia Workers Debt Textile Sritex Factory Industry Pandemic Company Government According

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-30 @ 09:13:00 (1 days ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 628 words

Reading Time: 4 minutes read

Sentences: 25 lines

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Copyright Owner: © The Straits Times

News ID: 23333774

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