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Zimbabwe HC approves liquidation of apparel giant
19
Mar '12
A High Court in Zimbabwe has approved the liquidation of womenswear apparel giant Continental Fashions, which had filed for bankruptcy in January this year after its debts mounted to more than US$ 400,000.

The Court's approval for liquidation means judicial manager Cecil Madondo will oversee the sale off assets of Continental Fashions to pay to creditors, Joseph Tanyanyiwa, Secretary General of National Union for Clothing Industries (NUCI), said.

Madondo had earlier negotiated a US$ 250,000 deal with Royal Bank for extending structured finance facility to the debt-ridden company, but the agreement did not materialse as the womenswear firm failed to comply with some of the conditions.

The liquidation of Continental Fashions would mean that the number of workers who lost their jobs in the Zimbabwe's textile and clothing industry since last year would cross 11,000.

The collapse of the 48-year-old Continental Fashions marks the end of an era of successful apparel enterprise in Zimbabwe.

Fibre2fashion News Desk - India

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