Bangladesh bank auctions six Beximco factories

Despite efforts from the country’s labour ministry to revive Beximco’s internationally certified textile factories to sphere thousands of jobs and support export earnings, state-owned Janata Bank issued notices astir the auction pursuing a committee meeting.

According to The Business Standard, the slope issued nationalist notices to auction 193 decimals of onshore and each structures connected it astatine Beximco Industrial Park, which had been mortgaged arsenic collateral for loans connected 3 of the factories.

Beximco reportedly has outstanding loans totalling astir $2.9bn.

Notices for the different 3 factories are expected to beryllium published soon, according to slope sources.

Beximco did not instrumentality a petition for remark erstwhile approached by Just Style.

Earlier this twelvemonth (February), the Government of Bangladesh reportedly resolved to find alternate employment for 40,000 workers affected by Beximco Group mill closures.

Beximco, a conglomerate with important operations successful the textile and garment sector, announced the termination of implicit 40,000 employees crossed its 16 textile and garment units astatine the extremity of 2024 owed to the diminution successful enactment orders from planetary covering retailers and brands.

With a full workforce of astir 70,000, the layoffs represented a simplification of much than 57% of the company’s personnel.

The factories impacted by these layoffs included Shinepukur Garments, Urban Fashions, Yellow Apparels, Prefix Fashions, RR Washing, Beximco Fashions, Bextex Garments, New Dacca Industries, International Knitwear & Apparels, Esses Fashions, Escorp Apparels, Crescent Fashion and Design, and Crescent Accessories.

At the clip an autarkic committee was established by the Bangladesh Securities and Exchange Commission (BSEC) to oversee the merchantability and operational absorption of Beximco’s mill units.

"Bangladesh slope auctions six Beximco factories" was primitively created and published by Just Style, a GlobalData owned brand.

The accusation connected this tract has been included successful bully religion for wide informational purposes only. It is not intended to magnitude to proposal connected which you should rely, and we springiness nary representation, warranty oregon guarantee, whether explicit oregon implied arsenic to its accuracy oregon completeness. You indispensable get nonrecreational oregon specializer proposal earlier taking, oregon refraining from, immoderate enactment connected the ground of the contented connected our site.