Home / Knowledge / News / Apparel/Garments / Zimbabwe HC approves liquidation of apparel giant
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

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search