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Sunshine Knitwear folds up
25
Mar '09
Sunshine Knitwear Ltd, located in Tejgaon closed down its plant on March 23 and in the process laid-off, 1,600 workers, due to continuously incurring losses for the last few months. This has happened more so due to the economic crisis across the globe.

Sunshine Knitwear Ltd. is a 100% export oriented composite knit garments unit, with a production capacity of 700,000 units per month, equipped with the most modern machinery. It produces garments for men, women and children.

Fibre2fashion spoke to official sources in the company who said that the factory had shutdown and production had stopped and that the office will continue to function till March 31. Reasons for the delay, according to the sources was declining orders, labour unrest and low margins

The slowdown due to the crisis resulted in orders falling drastically and also due to the fact that international buyers were demanding low prices, which the company was not able to comply with due to its own constraints of cost of production.

The only saving grace is that the company has paid all the arrears to its workers, before closing down the manufacturing unit. The company has also been affected due to frequent strikes by the workers of the unit who have struck work on five occasions in the last three years.

Fibre2fashion News Desk - India

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