By Dat Nguyen  August 19, 2020 | 10:40 am GMT+7
People seen in entrance of a New York & Company clothes retailer in New York, U.S. Photo by Shutterstock/rblfmr.
Song Hong Garment Jsc is unsure if will probably be capable of gather the VND219 billion ($9.5 million) it’s owed by a U.S. firm that has gone bankrupt.
It had provided girls’s clothes firm New York & Company, whose mother or father RTW Retailwinds Inc filed for chapter final month after being hit by the Covid-19 impacts, and plans to shut lots of of shops.
Payment for the consignment has been due for as much as three months, in accordance with Song Hong.
It remains to be making an attempt to recuperate the cash and has not made provisions for it, however stated it’s not capable of reliably estimate the probabilities of restoration because it will depend on the restructuring of RTW Retailwinds.
Orders from RTW Retailwinds final yr accounted for 13 % of Song Hong’s revenues, and as much as 25 % in earlier years.
