19 January 2014

Zimbabwe: Karina Textiles Auctions Assets

One of the country's leading textile industry player, Karina Textiles last week auctioned its movable and fixed assets following its liquidation.

Theressa Grimel, who is the liquidator, confirmed the High Court's approval of the liquidation.

Karina Textiles (Pvt) Ltd, which is the country's sole manufacturer of knitting yarn, was one of Mutare's top employers with over 1 000 workers during its prime.

It becomes the second largest textile industry player to face closure after David Whitehead was put under judicial management in 2011.

Karina was established in 1959 under the name Ferguson Shiers manufacturing carpets in Mutare but was expanded 10 years later when the company ventured into knitting yarn manufacturing.

The liquidation of Karina comes following the closure of Zimbabwe Coffee Mill, Manica Boards and Cairns Foods in the past few years.

The Confederation of Zimbabwe Industries (CZI) national vice-president, Henry Nemaire described the development as depressing.

"As CZI we are very worried about these company closures. However, we have presented to government short-term and long-term solutions that they should act on to revive our manufacturing sector," he explained.

Copyright © 2014 Zimbabwe Standard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.