"Sritex Appeals Bankruptcy as Indonesia Vows to Save 50,000 Jobs", 29 October 2024

Indonesian textile giant PT Sri Rejeki Isman is contesting a court decision that declared it bankrupt as the company owner pledged to keep its factory open and see through the revival of the business.

Sritex, as the company is more commonly known, filed an appeal on Oct. 25, requesting a review of the local court’s bankruptcyruling, according to the court’s website. ...

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Sritex, which has sewn clothes for global brands including H&M, Uniqlo and Zara, is one of the country’s largest apparel makers and employs roughly 50,000 workers. It fell into debt distress during the pandemic after orders slumped. Its total liabilities stood at $1.6 billion as of end-June, relatively unchanged from two years ago when it secured the debt agreement.

“I assure you that there will be no layoffs of Sritex workers,” Deputy Minister of Manpower Immanuel Ebenezer Gerungan said during his visit to the company’s factory on Monday. “This was agreed by the management represented by Sritex owner Iwan Setiawan Lukminto.”

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The National Federation of Trade Unions recorded nearly 15,500 workers have been laid off in the country’s textile industry this year... .