By Own Correspondent- A Bulawayo based textile maker National Blankets which was placed under judicial management in 2012 due to vialibity challenges is facing imminent liquidation after failing to court a suitable investor to inject fresh capital into the ailing company.

The company, which experienced a drastic fall in demand as the market for woven blankets declined still uses equipment that was first installed in 1940, early into the Second World War. The equipment can only manufacture woven blankets and cannot be configured to produce highly knitted blankets currently on the market.

In a notice to creditors, PNA Chartered Accountants said:

“…in anticipation of the company going into liquidation to facilitate the purchase of the company by a potential investor or the disposal of the company’s assets, the judicial manager kindly requests all pre-scheme creditors to visit our office to verify the records we have and all post-scheme creditors up to the 28 of February 2019 to send their claims to our offices…”

Phillip Ndlovu of PNA Chartered Accountants has been in charge of the firm as judicial manager.-Newsday