HARARE – Leading precast wall manufacturer Durawall Private Limited (Durawall) is undergoing liquidation, the company owner confirmed to the Daily News yesterday.
Durawall has already laid off about 240 employees under the ongoing liquidation process.
Christopher Paver, the company owner, said business has been slow since the elections and the company was winding down.
“Liquidation is not complete but we are in the process of liquidating,” he said.
“Business has been slow since the elections and we are in debt so it’s no longer sustainable.”
The company, which has been operating for the past 45 years, has started selling off company property to pay off disgruntled employees.
“The company needs over $380 000 to pay off the first batch of 92 workers who were laid off,” an employer who spoke on condition of anonymity said.
“Administration has told us they do not have the money and will soon be auctioning company property to generate the money.”
Employees yesterday completed pension forms, in a move that sealed an end to operations at the troubled precast wall manufacturer.
Durawall, whose name has been given to all precast walls in Zimbabwe, joins a horde of other Harare firms who have closed shop, defeating hopes of an economic turnaround under the new Zanu PF government.
A July 2013 National Social Security Authority (Nssa), Harare Regional Employer Closures and Registrations Report for the period July 2011 to July 2013 shows 711 companies in Harare closed down, rendering more than 8 000 individuals jobless.
The report stated 330 companies in Harare in the retail and other business services category closed while administration-related businesses also suffered a huge knock with 59 companies closing, with the construction and baking industry losing 42 and 32 companies respectively.
It also indicated 47 companies shut down in the farming sector while 20 players went under in the printing industry.
Employees at Durawall told the Daily News that the last batch of workers to be retrenched were about 150, and constitute the remainder of the operational staff.