Malawi’s economic crisis has forced Crown Fashions Limited, which was established in 1975, to close its manufacturing operations.
A letter addressed to its employees, which 24hrs has seen, shows that the company can no longer continue with its operations.
Closure will be effected on Friday June 17,2022, says the letter.
The company cites
huge shortage of forex, devaluation of the Malawi Kwacha, fuel price increase, frequent power interruption and an increase in licence fees as reasons for the closure.
The company has since said all employees will be given their money following discussions with the workers union.
The letter has also been addressed to various ministries such as Trade and Industry, Finance and Labour for their information as well.
Efforts to speak to Ministry of Trade officials proved futile as they did not pick our calls on several attempts.