Indonesian textile giant Sritex’s bankruptcy woes expose cracks in the country’s garment sector
The industry’s crisis is a call for newly elected President Prabowo to revitalise the country’s manufacturing sector, a key plank in his economic agenda
Add BT as a preferred source
[JAKARTA] Indonesia is racing to save its largest listed textile company, Sri Rejeki Isman (Sritex), from collapse after the industry giant declared bankruptcy last week, threatening nearly 50,000 jobs.
Known for supplying high-street brands such as H&M and Forever 21 and for producing military uniforms for Nato, the 58-year-old company now faces the prospect of urgent government intervention to stabilise it and protect its workforce.
Following President Prabowo Subianto’s directive, four ministries, including those for finance and manpower, are scrambling to devise a rescue plan.
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
MAS convenes bank CEOs over AI cyberthreats; boards told to own risks, not leave to IT teams
Thai and Vietnamese farmers may stop planting rice because of the Iran war. Here’s why
LTA circular to potential EV charger owners reveals hundreds of e-mail addresses under carbon copy feature
