Victoria's Secret To Finance Settlement For Thai Workers Laid Off By Its Supplier: Reuters

Shivani Kumaresan
1 min read
0

  • Victoria’s Secret & Co (NYSE: VSCO) has agreed to finance an $8.3 million settlement loan to its Thailand-based supplier Brilliant Alliance Thai Global Co Ltd, Reuters reported.

  • About 1,200 workers of the supplier were laid off in 2021 without severance pay and wages owed to them after it went bankrupt.

  • Brilliant Alliance Thai had shut down its factory supplying global lingerie brands, including Victoria’s Secret, in Samut Prakan province in March 2021.

  • "Global brands need to realize that they are not passive investors, but trendsetters in setting labor standards," the report quoted David Welsh, the Thailand director for the Solidarity Center.

  • Also Read: Victoria's Secret Launches New Digital Platform - See What's The Benefit

  • Price Action: VSCO shares are trading lower by 3.70% at $42.90 on the last check Friday.

  • Photo Via Wikimedia Commons

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