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

  • Victoria’s Secret & Co 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 ReadVictoria'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
Market News and Data brought to you by Benzinga APIs
Posted In: NewsMediaGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!