Ever since American retail giant JCPenney filed for bankruptcy, it’s been worrying times for several garment and textile firms in Vietnam.
Once the retailer collapses, a lot of orders for these garment and textile companies in the country will stop, with some of them even closing down forever. And that’s not good!
Some of the garment and textile firms that are expected to be hit badly include the likes of Vitex Vina Co., Ltd., Habac Export Garment Co., Ltd., Binh Minh Garment Co., Ltd. and Pi Vina Danang Co., Ltd.
While speaking to media, a representative of Vina Danang Co. said that all orders from JCPenney have been stopped completely and the company is now waiting for new announcements from the head office.
Some other companies too are witnessing the orders from JCPenney getting stopped.
The industry is already battling with the COVID-19 crisis that has affected the economy of the nation as it has been the case all over the world, and now with the retailer filing for bankruptcy, there is bound to be sleepless nights for both owners and workers.
Earlier this month, JCPenney had filed for bankruptcy, following which it had immediately announced that it will shut down 29 per cent of its stores.