Clothing brand Daaman shutting down due to financial crunch

The brand incurred the losses due to the coronavirus pandemic
Dec 22, 2020
Daaman was known for its sleek silhouettes and pre line. Image: FB
Daaman was known for its sleek silhouettes and pre line. Image: FB

Clothing brand Daaman has said that it is shutting down its operations on December 31 due to financial losses incurred amid the coronavirus pandemic.

“Covid-19 has ravaged countries, families and businesses alike and unfortunately Daaman is no exception,” Creative Director Maleeha Chaudhry said in a social media post.

The post said that their clearance sale starts today and will continue till the stock lasts.

Global economy took a major hit after the spread of coronavirus since late last year. Several workers were laid off in Pakistan as major corporations cut down their workforce. Careem said in May that it would lay off 536 of its employees, 31% of its workforce, in the month.

Some corporate employees said they were sent on unpaid leaves despite a Sindh government notification in March that no employer shall lay off workers or deduct salaries in the lockdown due to coronavirus.

In April, the State Bank of Pakistan announced a temporary refinance scheme for businesses to support the employment of workers during the pandemic.



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