Economic Reporter :
Opex and Sinha Textile Group, once one of the largest garment manufacturing conglomerates in Asia, shut down its factories on October 19, due to the financial crisis.
A notice signed by the group’s acting director (administration) Banij Ali on October 18 came up with the announcement of permanent closure.
A decision about paying the wages and arrears would be made through discussion among the Ministry of Labour and Employment, BGMEA, representatives of workers and other stakeholders, the notice added.
Anisur Rahman Sinha, former president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), established more than two dozen factories under Opex Group since 1984 and its reputation spread across the world.
The group had garments division, bottom, shirt, knit garment, jacket, and sweater factories, dry and wet processing facilities, backward linkage and vertical setup, denim village, and accessories factory.
At its height at the turn of the 21st century, it raked in $500 million in annual turnover and employed around 45,000 people.
