Thousands protest as bankrupt Wenzhou boss flee
September 24, 2011,Wenzhou City,ZhejiangProvince, thousands of staffs of bankrupt China Center Eyeglasses went to streets to protest, demanding payment of salary. Traffic was paralyzed, and many employing units directly set up recruitment stalls in front of the company.
Recently, Hu Fulin, chairman of the largest eyewear company inWenzhou,ZhejiangProvince, fled with 2 billion indebted. According to some suppliers the reason of funds strand break is its fast expansion, the company expanded too fast at the very start, building new plants and buying equipments, etc., the new company wanted to be listed but failed, resulting in tight financial chain.
A local eyeglasses insider said these years Hu Fulin paid very little attention to spectacles industry, and his funds were mainly used for other investments, such as real estate, stock market, and photovoltaic industry. Currently the whole spectacles industry inWenzhouis devastated, some companies face situation of closure, if the crisis was further aggravatedWenzhoueyeglasses industry will face massive closures.