Matrix Dresses shuts amid prolonged business, financial pressures

Matrix Dresses Ltd, a readymade garment factory based in Dhaka's Mirpur, has announced its closure, citing prolonged business and financial difficulties as well as what its managing director described as attempts by vested-interest groups to undermine the company.

"We tried in many ways to keep the company afloat, but we could not succeed. We are being forced to shut down the factory not only because of the business downturn, but also due to attempts by some vested-interest groups," Managing Director Mahbubul Hasan Faisal said in a social media post announcing the closure today (28 August).

Established in 2012, Matrix Dresses manufactured and exported T-shirts and tank tops.

According to Faisal, the factory had been facing various challenges that disrupted production over the past two years. The company eventually decided to shut down operations amid mounting business and financial pressures.

In his post, Faisal expressed gratitude to the factory's employees, describing them as skilled, dedicated and committed workers who had stood by the company during difficult times.

"We are grateful to them and wish them well. I hope they find new jobs and remain well," he wrote.

Faisal also sought prayers so that the company could properly settle its affairs and pay all outstanding dues to creditors and others before he could return to a normal life.

He expressed hope of rebuilding his career through another business and creating employment opportunities for some of the company's former workers and employees.

Confirming the closure, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Administrative Co-Ordinator and Sr Joint Secretary (Accounts) Mahabubur Rahman said Matrix Dresses was a member of the organisation.

"They recently announced the closure of the factory, and we have been informed about the matter. The process of paying the outstanding dues of the workers and employees is also underway," he added.