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And, as with your previous thread (Error while script execution - 0403-029 there is not enough memory available now...

In addition to the many stat()s you do many fork()s.
Each call to external programs like ls, awk, hostname, basename, dirname is a fork().
The following has the number of fork's reduced:
#...

The following should do exactly the same thing without running into memory constraints as long as you don't start it in a directory where expanding $root_dir* overflows ARG_MAX limits:
root_dir="/" ...