|
|
Article: HCI makes progress in long Seardel slog; zz Loss-making units closed, leadership cut.(Business Report)
- Article from:
- The Star (South Africa)
- Article date:
- October 29, 2009
CopyrightCOPYRIGHT 2009 Independent News & Media PLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
BYLINE: Florence de Vries
Empowerment group Hosken Consolidated Investment (HCI) still has a long way to go in turning around its struggling clothing and textile subsidiary Seardel, but significant progress has already been made in reviving the loss-making arm.
Last year HCI bailed Seardel out with a R306 million rights issue along with help from the Southern African Clothing and Textile Workers Union (Sactwu), which acted in the interest of Seardel employees.
However, the recapitalisation had been the start of a process in which a number of jobs were lost and loss-making facilities were closed down.
Analysts have criticised the ...