Anger at huge shareholder payout as US chain Kohl’s cancels $150m in orders

Posted by on June 10, 2020 10:00 am
Tags:
Categories: Global Stories

Retailer paid $109m in dividends just weeks after cancelling clothing orders, leaving suppliers in Bangladesh facing financial crisis

Kohl’s, one of the US’s largest clothing retailers, cancelled millions of dollars worth of existing orders from Bangladeshi and Korean garment factories just weeks before paying out $109m (£85m) in dividends to shareholders, the Guardian can reveal.

The company cancelled orders of clothing worth approximately $100m from Korea and $50m from Bangaldeshi factories after the Covid-19 pandemic struck, and refused petitions from suppliers asking for the option to renegotiate payments. 

Continue reading…

Leave a Reply

Your email address will not be published. Required fields are marked *