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2009  // Posts published in 2009

SEARDEL EXPECTS BIGGER LOSSES

Clothing and textile manufacturer Seardel Investment Corporation (SER) on Friday advised that its headline loss per share for the nine-month period ended March 31 2009 was expected to be between 43c and 48c, and the attributable loss per share to be between 61c and 67c. It also advised that it expected its headline loss to […]

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30 Apr 2009 Clothing and Textiles

NEW BUTTONS ON A TATTY OLD COAT

CLOTHING and textile conglomerate Seardel, which generated sizeable losses in the half-year to end December 2008, has relieved the ‘old guard’ of its duties and dressed the boardroom with sharp and smart new directors. The sweeping changes at executive level follow a change in control at Seardel from the Searll family to empowerment group Hosken […]

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29 Apr 2009 Historic Investments

CLOVER EMPLOYEES VICTORIOUS

Amid difficult economic conditions, the trade union Solidarity clinched victory in the consultation process for the planned retrenchment of more than 90 Clover employees at the company’s cheese factory in Wesselsbron. Solidarity received a Section 189 notice early in March regarding the planned retrenchments at the branch which will be closing its doors shortly. According […]

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27 Apr 2009 Clothing and Textiles

GOVERNMENT BLAMED FOR TEXTILE NIGHTMARE

There are “deep flaws” in South Africa’s industrial strategy, said Business Day. And that’s just been proven by clothing manufacturer Seardel’s decision to close Frame Textiles — with 1400 jobs lost in the process. It also indicates how futile efforts have been to try and insulate the country’s textile industry from the global economic crisis […]

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24 Apr 2009 Clothing and Textiles

DYEING BREED

THE INVESTMENT CASE With the clothing and textile manufacturers in tatters and now insignificant players on the JSE, investing in these companies on the bourse is only for the brave and bold Rex Trueform, Seardel and, indirectly, Brimstone are the only remaining listed clothing manufacturers on the JSE, and they are hanging by a thread. […]

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23 Apr 2009 Clothing and Textiles

“HCI AREN’T ASSET STRIPPERS”

FRAME CLOSURES DON’T SIGNAL BREAK-UP TIME YET You might presume Hosken Consolidated Investments (HCI) may have underestimated the task to secure an operational turnaround at clothing and textile conglomerate Seardel Investment Corporation. The shock proposals to close certain divisions at textile giant Frame suggest HCI has been forced to forego the “sew-up” turnaround option for […]

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20 Apr 2009 General

MOVERS & SHAKERS: QUEEN MOVES QUICKLY TO FIX AILING SEARDEL

Stuart Queen officially takes over as CEO of the troubled clothing and textile manufacturer Seardel in November. But, given all its challenges, he has no time to lose and is already actively involved in running the company. Seardel, which has announced the closure of some Frame Textiles divisions, which will affect about 1400 jobs, has […]

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17 Apr 2009 Clothing and Textiles

SACTWU IN TEXTILE TUSSLE

THE CLOSING OF ONE OF THE SUBIDISIARIES OF THE COUNTRY’S LARGEST CLOTHING MANUFACTURER WILL LOSE GOVERNMENT R150-MILLION A YEAR The South African Clothing and Textile Workers’ Union (Sactwu) has found itself between a rock and a hard place after this week’s announcement by the country’s largest clothing and textile manufacturer, Seardel, that it is closing […]

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15 Apr 2009 Clothing and Textiles

UURGLAS LOOP LEEG VIR KLERE-EN-TEKSTIELVERVAARDIGERS

Die uurglas loop leeg vir klere-en-tekstielvervaardigers. Maatskappye in die plaaslike bedryf het gister erken dit raak ál moeiliker om voort te spartel. Eerste in ’n lys van onlangse stappe om af te skaal, is die geforseerde afdankings by die land se grootste klere-en-tekstielvervaardiger, Seardel – ’n volfiliaal van die HCI-groep. Dié groep het verlede week […]

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14 Apr 2009 Clothing and Textiles

SEARDEL TO CLOSE DOWN FRAME TEXTILES – INTERVIEW WITH ALEC HOGG AND JOHNNY COPELYN

ALEC HOGG: Johnny Copelyn joins us now, the chief executive of HCI. Johnny, on Thursday, just before the long weekend, the announcement came out of Seardel, the big textiles group, to say that it it’s going to be closing down part of the Frame operations. Let’s just recap a little – the reason for your […]

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