Garment

Hanoi (VNS/VNA) - Risk provision may write some revenue off the record for Song Hong Garment JSC as the company prepares for the likely bankruptcy of its US partner’s parent firm. US-based retailer RTW Retailwinds, owner of 400 New York & Co stores in 32 states across the US, filed for bankruptcy on July 13 and it will likely close all of its stores. RTW Retailwinds reported revenue in 2019 dropped 7 percent year-on-year to 827 million USD and recorded a net loss of 61.6 million USD. In 2018, it reported a profit of 4.2 million USD. When the COVID-19 pandemic halted all economies, the company had to temporarily close stores and furlough workers. RTW Retailwinds’ New York & Co is currently the largest partner of Song Hong Garment. After RTW Retailwinds announced the plan to close all stores, shareholders and investors at Song Hong Garment voiced concerns about the Vietnamese firm’s earnings prospects this year. According to sources, all liabilities … [Read more...] about Garment firm expects revenue drop as partner’s parent goes bankrupt

Local garment firm expects revenue drop this year as partner's parent goes bankrupt Risk provision may write some revenue off the record for Song Hong Garment JSC as the company prepares for the likely bankruptcy of its US partner’s parent firm.   … [Read more...] about VN textile and garment industry warned of big difficulties

Phnom Penh (VNA) – Cambodia’s Ministry of Labour and Vocational Training (MLVT) is conducting a survey on garment workers’ living conditions and the impact of COVID-19 on them until July 31, local Khmer Times reported. According to an announcement, MLVT has informed all owners or directors of enterprises and workers in the textile, garment and footwear sector and relevant authorities that the survey by the National Council on the Minimum Wage has been conducted on a random sample of employees selected in Phnom Penh and provinces. When asked what he purpose of the survey is and what will be the government’s measures to further assist laid-off workers due to COVID-19, Labour Ministry spokesman Heng Sour declined to comment, saying that the survey is the ministry’s internal work conducted annually to submit to the National Council on the Minimum Wage. According to figures from the MLVT, more than 410 factories have been suspended in Cambodia, affecting … [Read more...] about Cambodia surveys garment workers’ lives

However, the executive believed that moving forward into the final six months of the year, the garment sector will face a strong reduction in total export value as the demand for PPE has rapidly decreases. In addition, a large number of enterprises shifting to producing face masks and PPE in recent times has led to an excess supply of products that far outstrips demand. … [Read more...] about Maintaining production – a uphill task for garment sector

Studies show that the consumer budgets for textiles and garments is limited. People have cut spending on unnecessary things and are only buying essential goods. Studies show that the consumer budgets for textiles and garments is limited. People have cut spending on unnecessary things and are only buying essential goods. … [Read more...] about Garment, footwear and woodwork companies look forward to receiving orders in H2