Indonesian Clothing Giant Lays Off 20% of Employees, Kompas Says

Indonesia’s giant clothing maker PT Sri Rejeki Isman dismissed around 20% of its employees, but said the move was unrelated to a court decision declaring the company bankrupt, local media Kompas reported on Friday.

Sritex, as the company is widely known, took the decision because of challenges faced by the domestic textile industry, the report said on Friday, citing President Director Iwan Kurniawan Lukminto.

“Efficiencies” must be carried out for the sustainability of the company, Lukminto said. Some employees have also been put on leave after the bankruptcy verdict. Sritex did not respond to a request for comment.

Sritex, ...