Bangabazar fire also affects its suppliers
The fire at Bangabazar on Tuesday morning not only affected shop owners at the apparel shopping complex in Dhaka's Gulistan, but also other players in the supply chain.
For example, many traders accepted deferred payments for supplying goods to retail outlets at the market, much of which was razed by the inferno that began at around 6:00am, leaving little chance to recover their dues.
For all latest news, follow The Daily Star's Google News channel. Shariful Islam Sohel, who owns a clothing store at a wholesale hub in the capital's Sadarghat, said they mainly supply shirts to different retailers across the country.
At present, Sohel is owed a total of around Tk 2 crore by 15 shops in Bangabazar for the clothes purchased targeting upcoming Eid-ul-Fitr celebrations.
"I called one of these businessmen yesterday and found him deeply sobbing for his losses. How can I ask for my money back in such a situation?" he asked.
The wholesaler then said he usually sells his goods on deferred payments, meaning that the buyers would pay their due after reselling the items at their own stores.
"The business has been running like this for about 10 years but never before have I been in such financial danger," he added.
Mohammad Masudur Rahman, the owner of a fabrics store in Islampur, the largest wholesale market for textiles, said he is owed around Tk 40 lakh by 12 traders whose shops were gutted by the fire.
Deferred payments are only accepted if the seller trusts the buyers. However, neither party can tell if disaster may strike, he added.
Rahman then said that roughly 40 per cent of the goods sold to shop owners are paid in cash while the remainder are on deferred payment.
The massive fire that tore through Bangabazar burned down at least 2,931 shops that were packed with clothes, ruining the livelihoods of thousands of traders just weeks before Eid-ul-Fitr.
The fire had spread rapidly through the crammed market while the ensuing plumes of black smoke blanketed nearby neighbourhoods.
The flames were eventually brought under control by afternoon, but piles of clothing were seen still smouldering at around 8:30pm later that day, according to the Department of Fire Service and Civil Defence.
Owned by the Dhaka South City Corporation, the 21,250 square feet shopping complex consists of Bangabazar Market, Gulistan Market, Mohanagar Market, and Adarsha Market.
Ishtiaq Ahmed, another apparel supplier from Islampur, said they supply products to more than 500 traders of different markets at Bangabazar.
"But huge funds have become stuck because of the fire incident," added Ahmed, who said it is difficult to tally his total losses.
The wholesaler then said it is not possible to make 100 per cent of their transactions cash-based considering the nature of their business.
"This is just now the entire supply chain goes," he added.
Ahmed went on to say the entire supply chain has been affected by the fire.
"We cannot even pay the textile mills from which we bought products," he said.
Other than Islampur, shop owners at Bangabazar also source their goods from Sadarghat, Keraniganj, Gazipur and other parts of the country.
Considering the situation, Nesar Uddin Mollah, general secretary of the Islampur Cloth Merchants Association, said those who trade with shop owners at Bangabazar are also in danger.
"As we are all in danger, we should stand by each other in this situation," he added.
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