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Ivan Zhakata Herald Correspondent
LEADING garments manufacturer in the country, Paramount Archer is spreading its footprint with the construction of news outlets and pop-up stores as part of its recovery from the fire that engulfed its warehouse in December last year destroying products worth millions of dollars.
City of Harare firefighters spent 10 days battling the fire and failing to extinguish it due to a lack of adequate supply of water to put out the fire.
They contained the fire but took long to extinguish it resulting in the company hiring bulk water suppliers to provide water to the fire engines.
Addressing journalists yesterday, Paramount group finance director Mr Jeremy Youmans said their challenge was the threat of being driven under by insufficient cash flows for replacement of the lost stock, rebuilding of the warehouses and working capital as they build up production.
“The Paramount team and contractors who have worked on this initial stage of the recovery have worked miracles in this short span of time, particularly considering it was over the festive season,” he said.
“On a positive note, our gear-up retail outlets at this location and the other in Bulawayo have continued to serve our walk-in and corporate customers and the Archer factory in Bulawayo will also be manufacturing as raw materials become available. We also have opened a sales outlet in Churchill Avenue in the last few days and have a pop-up store for our Salty range in Halsted’s, Borrowdale branch.
“We are continuing with our plans to spread our footprint with ongoing of a new outlet in Msasa, Harare and more pop-up stores. We wish to reassure all of our many customers and stakeholders that we intend to survive this disaster and become better and stronger from the experience.”
Mr Youmans said they were fully insured in United States Dollars (USD) and their premiums were fully paid.
He said Paramount’s insurer has already accepted liability and confirmed that the loss was covered by their policy.
“Our Insurer is backed by numerous re-insurers and so the capacity to pay for what is going to be a very large loss, should not be an issue,” Mr Youmans said.
“The service providers such as the re-insurance companies and bankers have been slow to respond or have responded but are unable to react sufficiently due to constraining bureaucracy and ways of working. We are incredibly proud to have all our workers back in the factory today as we start manufacturing again in Harare.
“This will be on a very piecemeal basis and it will take several months to get back to our full productivity. We thank again all the well-wishers, workers, suppliers and customers who continue to stand by us and support us where they can and we are determined to succeed and be able to repay this faith in the near future.”
Online Reporter