Thursday, January 28, 2021
  • About Us
  • ImagiNATION
  • Adverts
  • Rate Card
  • Contact Us
The Nation Online
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
No Result
View All Result
Home Business Business News

Stansfield Motors lays off 48 workers

by Johnny Kasalika
21/03/2012
in Business News
2 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

grimes | The Nation OnlineStansfield Motors Limited has laid off 48 employees between August 2011 and February 2012, reducing their workforce from 189 to 141.

RelatedHeadlines

Report outlines tourism sector key constraints

More growers shun tobacco, says Tama

Rudevit intensifies capital mobilisation drive

Stansfield managing director David Grimes said in an interview on Friday that deteriorating economic conditions in the country, particularly the forex shortage, has forced the company to reduce its workforce.

The forex challenge has been hindering the company from paying its foreign principals in time and, as such, they are refusing to accept orders from the motor dealer until all arrears are paid.

Grimes said Stansfield has lost K500 million (about $3m) in revenues on vehicle sales and about K200 million (about $1.2m) on spare parts and service due to the forex problem.

He said their principals such as Daimler, Great Wall Motors (GWM), Mitsubishi, Michelin and Yamaha are now demanding payment upfront or letters of credit to process their orders.

“One of our major problems is that our overseas principals are not prepared to supply vehicles or spare parts unless they are sure that payment would be made and we are unable to do that on our own. And when we seek support from banks, they are also unable to help because of the current forex situation. So to import spare parts and vehicles, in particular, is difficult,” said Grimes.

Stansfield Motors depends on computerised systems to operate, diagnose faults and fix them in customers’ cars. It also needs the software for identification of spare parts, all of which Grimes said have licences that are also payable externally.

“If these licences are not updated, they switch off because they have software system calendars built into them. So it hinders our ability to run the company’s overall accounting and control systems,” he said.

Previous Post

Athletes flop in SA, coach suspects sabotage

Next Post

Smuggled Malawi sugar confiscated in Tanzania

Related Posts

Some of the stunning animals at Lengwe
Business News

Report outlines tourism sector key constraints

January 27, 2021
Tobacco growers grading their crop
Business News

More growers shun tobacco, says Tama

January 27, 2021
Nyirenda: We are extremely excited
Business News

Rudevit intensifies capital mobilisation drive

January 27, 2021
Next Post
The Nation Online Smuggled Malawi sugar confiscated in Tanzania

Smuggled Malawi sugar confiscated in Tanzania

Trending Stories

  • Pledged to review Cabinet: Chakwera

    Donors up game in Covid-19 fight

    0 shares
    Share 0 Tweet 0
  • New mashup draws mixed reactions

    0 shares
    Share 0 Tweet 0
  • SA returnees in forced quarantine

    0 shares
    Share 0 Tweet 0
  • Minibus drivers, conductors stage another protest

    0 shares
    Share 0 Tweet 0
  • Budget off rails

    0 shares
    Share 0 Tweet 0

Opinions and Columns

My Turn

When schools become inaccessible, a glimmer of hope in a coding boot-camp

January 27, 2021
My Turn

Behaviour change key in Covid-19 fight

January 25, 2021
Emily Mkamanga

Citizens power brings change

January 24, 2021
Search Within

The rural farmer needs to take centre stage

January 24, 2021
  • Values
  • Our Philosophy
  • Editorial policy
  • Advertising Policy
  • Code of Conduct
  • Plagiarism disclaimer
  • Disclaimer
  • Privacy Policy
  • Terms of use

© 2021 Nation Publications Limited. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation

© 2020 Nation Publications Limited. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.