Bangladesh bank auctions six Beximco factories
Despite efforts from the country’s labour ministry to revive Beximco’s internationally certified textile factories to preserve thousands of jobs and maintain export earnings, state-owned Janata Bank issued notices about the auction following a board meeting.
According to The Business Standard, the bank issued public notices to auction 193 decimals of land and all structures on it at Beximco Industrial Park, which had been mortgaged as collateral for loans on three of the factories.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Beximco reportedly has outstanding loans totalling approximately $2.9bn.
Notices for the other three factories are expected to be published soon, according to bank sources.
Beximco did not return a request for comment when approached by Just Style.
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataBeximco, a conglomerate with significant operations in the textile and garment sector, announced the termination of over 40,000 employees across its 16 textile and garment units at the end of 2024 due to the decline in work orders from international clothing retailers and brands.
With a total workforce of approximately 70,000, the layoffs represented a reduction of more 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 time an independent board was established by the Bangladesh Securities and Exchange Commission (BSEC) to oversee the sale and operational management of Beximco’s factory units.
Sign up for our daily news round-up!
Give your business an edge with our leading industry insights.
Just Style Excellence Awards - The Benefits of Entering
Gain the recognition you deserve! The Just Style Excellence Awards celebrate innovation, leadership, and impact. By entering, you showcase your achievements, elevate your industry profile, and position yourself among top leaders driving apparel and textile industry advancements. Don’t miss your chance to stand out—submit your entry today!
Nominate NowContent Original Link:
" target="_blank">
