8. mart factory in Subotica enters bankruptcy

The Subotica-based sock factory ‘8. mart’ has entered bankruptcy proceedings due to a permanent inability to pay debts, leaving more than 150 employees without jobs or wages for August and September.

The Commercial Court in Subotica opened the proceedings following a proposal from the Novi Sad company ‘Sector Security’, which is owed over 2 million dinars. The factory’s total liabilities exceed 245 million dinars, while debts to employees surpass 25 million dinars. Although the company owns real estate, machinery, and equipment, much of the machinery is pledged as collateral, and the remaining value is estimated to cover less than half of the total debt.

Union Secretary Saša Antunović stated that workers are ‘shocked and betrayed,’ noting that a previous plan to relocate production and staff to Novi Kneževac failed to materialize. Employees have reported the lack of unpaid wages and missing pay slips to the Labor Inspection. The union is assisting workers in filing claims within the bankruptcy process, noting that if the employer lacks funds, claims may be sought from the Republic of Serbia’s Solidarity Fund.