Hongkong'S Old Clothing Chain, International Trade, Went Bankrupt In The Financial Crisis.

The last day is a big sale.

Since yesterday, many U-right branches have been closed, and a branch shop in Wanchai, Hongkong Island, has closed the gate half closed. There are no goods in the store. The notice at the door of the shop said that some consumers who had not paid the money had to go to other branches to pick up the goods.

In the Tsim Sha Tsui branch, there was a big sale as usual. 19 yuan, one coat, 100 yuan and one winter coat were attracted by many people. Although the shop staff still had a smile on their faces, they said they were worried about their prospects after being dismissed from the company and were afraid that it would be difficult to find a job.

The company's headquarters in U-right Bay, Changsha, were locked up. The DDT accounting firm, which executed the winding up, posted a winding up notice on the door. From time to time, the staff left the office, and they were reluctant to reveal the current situation of the company.

In the morning, many new candidates came to the company to say that they had come to see the job advertisement advertised by U-right yesterday.

Total liabilities amounted to HK $1 billion 200 million.

It is understood that the liquidation process of U-right is very short. In the beginning of August this year, when the company announced its annual performance, although its profit decreased by 50%, it still had a profit of HK $about 60000000, with a turnover of nearly HK $2 billion 100 million.

At the beginning of September this year, the company planned to restructure its capital stock, hoping to raise HK $230 million as working capital, but when it was suspended in September 17th, it was washed up by the fund, and its share price plummeted over 50%. Then it was called into arrears by the bank, and in addition to the financial market downturn, the fund-raising plan was aborted.

U-right was forced to announce its inability to repay more than 800 million and 5 million HK dollars in bank loans with a total liabilities of HK $1 billion 200 million.

The Hongkong court issued a provisional winding up order in October 6th, and appointed DDT accounting firm as a temporary liquidator for U-right, which was defiled by Deutsche Bank U-right.

U-right is the third listed company in Hongkong that has recently been declared bankrupt due to insolvency loans.

The Au said that complaints about wages owed by various industries have increased recently. I believe that more companies will go bankrupt in the financial turmoil after U-right.

One of the reasons is that many banks have tightened up, forcing them to start lending to loan companies.