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Benzinga
Benzinga
Business
Shivani Kumaresan

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

VSCO David Welsh NYSE Thailand Wikimedia Commons Samut Prakan
  • 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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