US retail company Sears, which filed for bankruptcy recently, owes a Vietnamese textile company an amount of US $ 4 million.
It might be recalled that Sears Holdings had filed for insolvency on 15 October after it failed to make the debt payment tranche of US $ 134 million.
Notably, its wholly owned subsidiaries Sears, Roebuck and Kmart are partners of Thanh Cong Textiles, a textile firm in Vietnam. The subsidiaries have been making an annual contribution of 7 per cent to the textile company.
In 2017, Thanh Cong had generated a revenue of US $ 136.5 million, out of which Sears had a contribution of US $ 9.38 million.
According to Thanh Cong’s Q3 report, Sears still owes US $ 4 million, which is 3 per cent of former’s overall assets.
Substantiating on the same, Lee Eun Hong, CEO, Thanh Cong, said that his company will participate in the process to get back its money from the retail giant. The hearing will be on 15 November.
Reportedly, Thanh Cong had an accumulated revenue of US $ 120.3 million in the January to September period of 2018.