Durian – An Indonesia’s textile giant Sri Rejeki Isman Tbk (Sritex) closes its business officially on 1 March 2025 after the Semarang Commercial Court in October 2024 declared the listed company at the Jakarta Stock Exchange bankrupt due to inability of its subsidiaries – Sinar Pantja Djaja, Bitratex Industries and Primayudha Mandiri – to pay their debts to several creditors.
Sritex that established in 1966, was entering the market in 2013. Sritex had developed its textile business, having yarn spinning, weaving, fabric printing, coloring, garment and shipment. Before the court declaring the bankruptcy of the company, it had exported its textile products to various countries, including during Covid-19 pandemic.
The closure of Sritex leaves over 8,000 workers unemployed. Through vary social media platforms, showing board members of the company’s top management bid farewell with thousands of workers in Solo, Central Java, where its factories located.
Following the court decision, Sritex’ assets will be evaluated by appointed curators to ensure employees’ rights be fulfilled as well as the creditors’ payment.
During its operation, Sritex had international branded clients such as H&M, Walmart, K-mart and Jones Apparel. (***)
