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Bloomberg Published
March 1,长沙转U币支付宝 2025
Indonesian textile giant PT Sri Rejeki Isman will lay off thousands of workers as it prepares to shutter operations after failing to reach agreement with creditors.
Creditors of Sritex, as the garment maker is known, turned down a going concern request during a court-supervised meeting in Semarang, Central Java province, on Friday, the company said in a statement. They agreed to form a committee to settle the bankrupt company’s assets, it added.
Sritex will work to ensure that all affected workers’ rights are met, said President Director Iwan Kurniawan Lukminto.
Nearly 11,000 workers will be laid-off as Sritex prepares to shut down factories in the province from March 1, news outlets Bloomberg Technoz and CNBC Indonesia reported earlier Friday, citing letters from insolvency administrators.
The closing of one of Indonesia’s biggest garment makers comes despite attempts by President Prabowo Subianto to save the bankrupt company, including by allowing it to continue import-export operations. Sritex is among many Indonesian textile companies struggling from a flood of cheaper clothes imported from China.
Its layoffs come as Indonesia, home to the world’s largest Muslim population, is heading into the monthlong Ramadan festive season.
Sritex, which has sewn clothes for global brands including H&M, Uniqlo and Zara, was declared bankrupt by a Semarang commercial court in October after it fell into distress during the pandemic as orders slumped. The decision was upheld by the Supreme Court in December.
The company had total liabilities of about $1.6 billion at the end of last September, according to its latest financial report.