Lobels seeks new investor

Sources said production had over the last three years nosedived from a peak of 300 000 loaves a day to an average of 25 000 loaves a day as mismanagement and gross misappropriation of funds took its toll on the company. A visit to the premises revealed a sad picture. Workers who spoke to The Zimbabwean on condition of anonymity said they had been advised by the workers committee of the temporary closure to pave way for the coming in of a new shareholder.
The companys management indicated through its notice boards that it was unable to meet May salaries. The company last paid its workers their full salaries sometime last year. Already the bakery, which has been looted by a coterie of Zanu (PF) officials, has lost confectionary equipment and vehicles to creditors. It owes more than a million dollars.