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Bankruptcy forces three more garment units to close down
24
Apr '10
Three more garment factories, located in Phnom Penh and owned by Korean and Taiwanese investors, downed their shutters this year in the month of February on account of owners' bankruptcy. These closures left around 3,000 workers without jobs.

Over 70,000 workers have lost their jobs since 2006. Most of them went to foreign countries in search of work and the rest have taken up jobs at night clubs or karaoke parlors. And, the owners of closed factories are investing in countries like, Vietnam and Bangladesh.

The factory owners faced difficulties due to lack of orders and they had to spend more on production. The workers were also facing harsh conditions due to low salaries.

However, since the beginning of 2009 to March 2010, of the 122 factories which witnessed shut down, rendering 53,057 workers jobless, 67 of these have recommenced their operations and employed 19,772 workers back. This shows that the global crises is cooling down and with this, the garment sector is likely to see recovery.

Fibre2fashion News Desk - India

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