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Clothing and Textiles  // Browsing posts in Clothing and Textiles

16 Mar 2012 Clothing and Textiles

SEARDEL WINS CLAIM AGAINST DEAD CLOTHING MAGNATE

Settlement vindicates HCI’s aggressive stance. CAPE TOWN – The share price of clothing and textile manufacturer Seardel jumped 21% on Friday on news that the company had settled longstanding litigationagainst its former directors. The settlement is worth R247m, or roughly 30.74c p/share. As a result of the settlement earnings per share and headline earnings per […]

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‘GET RID OF HIGHLY PAID MANAGERS’

SEARDEL workers in Cape Town took to the streets yesterday during a lunchtime protest over the clothing giant’s plan to slice 1 500 jobs. Seardel chief executive Stuart Queen said previously that the company had endured substantial losses and a staff cut was the only way it would survive. Last month he notified the SA […]

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23 Feb 2012 Clothing and Textiles

SPECULATION BOOSTS SEARDEL’S SHARE PRICE

The Seardel share price jumped 10c to close at 99c yesterday following speculation that the group was set to recover a significant amount of R300 million that was the subject of a legal battle with former directors of the company, including Aaron Searll, who was the founder and the firm’s long-serving chief executive. The pending […]

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23 Feb 2012 Clothing and Textiles

SACTWU FIGHTS SEARDEL JOB LOSSES THAT LIFT VALUE

The value of the Southern African Clothing and Textile Workers Union’s (Sactwu’s) indirect stake in Seardel appreciated by R41 million on Monday as speculation pushed the share to a high of 99c. The news does not appear to have caused much excitement at Sactwu’s head office, where the leaders are in the midst of tough […]

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23 Feb 2012 Clothing and Textiles

SEARDEL – BURYING THE HATCHET – CLAIM SETTLEMENT

Settlement has apparently been reached in a long- standing legal claim against former directors of  clothing and textile company Seardel, including the  late Aaron Searll, its founder and former CEO.   The FM understands, though, that the original claim  of R300m by Seardel has been negotiated down to a  markedly lower settlement — purportedly R120m. […]

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17 Feb 2012 Clothing and Textiles

CLOTHING INDUSTRY SHEDS JOBS

The clothing manufacturing industry is on a knife edge after the announcement of planned retrenchments of about 1 900 workers by two big players, Seardel and Trubok. Smaller clothing companies that are noncompliant with bargaining council wage rates say if any writs are executed to enforce the rates on them, they will close permanently, resulting […]

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16 Feb 2012 Clothing and Textiles

SLOW ATTRITION

Q & A – Seardel CEO Stuart Queen Why have you been unable to reverse operating losses (R21m last year) in your clothing manufacturing division? Retailers have many sourcing options around the globe and relatively low costs in switching suppliers. As a result, apparel manufacturers have little pricing power and are unable to pass on […]

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14 Feb 2012 Clothing and Textiles

SEARDEL DENIES TALK OF FACTORY MOVING TO LESOTHO

Clothing and textiles firm Seardel yesterday dismissed reports it was transplanting some of its crucial operations to Lesotho to take advantage of lower wage requirements. Seardel chief executive Stuart Queen said the operation represented less than 5 percent of the company’s workforce and would have 60 fewer workers than a year ago. The company recently […]

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14 Feb 2012 Clothing and Textiles

COSATU CONDEMNS CLOTHING GROUP’S THREAT TO CLOSE FACTORIES

Cosatu has reiterated its condemnation of factory closures and called on consumers to buy Proudly South African labelled clothing to help save jobs. The labour federation made its statement following a closure threat facing three well-known clothing factories: Bonwit, Bibette and Monviso. The three factories had 800 workers in their employ, which supported the livelihood […]

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10 Feb 2012 Clothing and Textiles

COSATU CONDEMNS SEARDEL GROUP CLOSURES

Cosatu on Thursday (9 February 2012) said it was outraged by the alleged announcement by the Seardel group which “threatened to close a number of companies” that would effectively put hundreds of workers out of a job. “Seardel as a group has taken millions of rand from government programmes to shore up their company and […]

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