Africa News
Zim's largest textile company files for liquidation─── 14:10 Thu, 08 Oct 2009
Harare - Zimbabwe's largest textile company is to close, shedding 1,400 jobs in a blow to efforts to kick-start the troubled country's economy. David Whitehead Textiles Ltd. filed for provisional liquidation with the High Court this morning. The company says it can no longer afford to pay wages after the National Employment Council for the textile industry raised salaries by 66 percent. An increase in electricity costs also has compounded the company's financial difficulties. The company is also facing competition from cheaper imported fabrics.
BBC
