Core Insights - Beximco is facing significant financial distress, leading to the auction of its mortgaged properties to recover outstanding loans totaling approximately $2.9 billion [2][5] - The company has announced the termination of over 40,000 employees, which represents a reduction of more than 57% of its total workforce of approximately 70,000 due to declining work orders from international retailers [3][4] - The Bangladesh government is attempting to mitigate the impact of these layoffs by seeking alternative employment for the affected workers [2] Financial Situation - Beximco has outstanding loans amounting to approximately $2.9 billion, prompting state-owned Janata Bank to issue notices for the auction of 193 decimals of land and structures at Beximco Industrial Park [1][2] - The bank plans to publish notices for the auction of three additional factories soon [2] Employment Impact - The layoffs at Beximco affect over 40,000 employees across 16 textile and garment units, highlighting the severe impact of reduced orders from international clothing brands [3][4] - The affected factories include notable names such as Shinepukur Garments and Urban Fashions, among others [4] Government Response - The Government of Bangladesh is actively working to find alternative employment for the 40,000 workers impacted by the factory closures [2]