(NEWZIMBABWE) 1,400 jobs lost as testile firm shuts
1,400 jobs lost as testile firm shutsby
08/10/2009 00:00:00
ZIMBABWE'S largest textile company is to close, shedding 1,400 jobs in a blow to efforts to kick-start the troubled country's economy. David Whitehead Textiles Ltd. filed for provisional liquidation with the High Court Thursday.
The company manufactures textiles, printed and dyed fabrics. It says it can no longer afford to pay wages after the National Employment Council for the textile industry raised salaries 66 percent.
An increase in electricity costs also has compounded the company's financial difficulties.
The company is also facing competition from cheaper imported fabrics.
Its collapse is expected to negatively affect related industries in the retail, furniture and medical sectors. - AP
Labels: JOBLOSSES, MANUFACTURING
posted by MrK @ 4:11 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home