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
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[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.
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