Global News
U-right went into liquidation, cut 160 jobs
By Candy Liu
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Posted 10 October 2008 @ 10:35 am HKT
The Hong Kong casual wear chain U-right International Holdings Ltd., was liquidated by banks as HK$1.3 billion debts was disabled to pay back. Now a provisional liquidator has taken over U-Right.
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iquidation right
The company dismissed 160 jobs and kept part of its 90-outlet chain open to sell the remaining stock. The Labour Department has made special arrangements to apply U-right affected employees for ex-gratia payments from the Protection of Wages on Insolvency Fund.
The provisional liquidator Deloitte said there are 3 new investors have interest to take over U-Right.
International Business Times (Hong Kong)
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