Reid & Taylor India shuts down its factory in Mysore
Reid & Taylor (RTIL), the menswear brand specialising in suits and smart casual wear, has closed down its factory near Mysore, as sale orders have diminished leaving hundreds of employees jobless.
The company was already under National Company Law Tribunal (NCLT) liquidation for huge defaulting on loans.
The company did not have any working capital to keep the operations going, resulting in the closure of the factory and relieved all its employees from services.
“(During) the meeting held on May 5, the challenges faced by the company were discussed with the stakeholders (financial creditors) of the company and the conclusion reached was that there was no option but to permanently shut down the operations of the plant and to discharge all workmen and employees,” Ravi Sankar Devarakonda, the liquidator for RTIL said, in a notice of discharge to the employees.
“I have made the best possible efforts to run the company as a going concern for over 14 months since the commencement of liquidation but regret to inform that now I have no other option than to discontinue the business operations,” he added.
Reid & Taylor was founded in 1839 and entered India in 1998 with S.Kumars Nationwide Limited (SKNL) when it also opened a plant in Mysore. The celebrity Amitabh Bachchan became the face of the brand in 2003.
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