Textile combine "Ljubiša Miodragović" from Prijepolje is out of business

Textile combine "Ljubiša Miodragović" from Prijepolje is out of business after six decades of existence.

Payment of the compensations for voluntary leave to the last group of 154 workers and stopping of production lines signified the end of former giant in textile industry, which used to employ over 3,200 people and had annual export worth tens of millions of dollars.

- There are only 11 workers in the company at the moment, and they will be doing the physical security jobs, including protection and maintenance of the propety - said Zoran Jarčević, a temporary representative of the stock capital.

- We are now going to submit the report on what we have done concerning protection of the property and conservation of the machine pool to the Share Fund, the Ministry of Economy and Regional Development, and local self-government - he added.

The combine was privatized few years ago, but the contract with the buyer was canceled because the latter failed to fulfill the obligations from the sales contract.

That was followed by the series of social programmes for textile workers who were leaving the factory in groups, the same factory that was once the source of regular incomes for 25% of the population in the municipality of Prijepolje.

According to the Business Registry Agency of Serbia, company "Ljubiša Miodragović" had 460 employees in 2008, and registered 117m RSD worth of losses and 81.5m RSD worth of incomes that year.