Materials and components suppliers suffer as Chinese shoemaker goes bust
29/11/2012
On the day of the announcement, November 15, representatives of more than 30 suppliers gathered at the gates of Hongshui’s manufacturing plant in Quanzhou, Fujian Province, to ask for debts to be settled.
According to reports, the company’s own employees had gone two months without pay as Hongshui’s financial problems mounted and it is with the workers that local bankruptcy courts appear to have sided, ordering the owners of the footwear company to pay salary arrears of around $70,000.
However, this will leave no value in the company’s assets to pay suppliers.
Share this story:
