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Bangladesh RMG makers score $40m lawsuit victory against Sears The New Nation
Forbes :
Bangladeshi garment suppliers-battered by the pandemic and the unethical business practices of Western clothing giants-have secured a rare victory against one of their biggest tormentors: Sears.
The crumbling retailer left its manufacturers with stacks of its clothing and unpaid bills last spring and has stiffed them multiple times before as it muddled through ugly bankruptcy proceedings, reports Forbes.
According to attorney Joseph E. Sarachek, whose firm represented the 21 Bangladeshi factories in a $40 million lawsuit filed against Sears last June, his clients have gotten the bulk of their money back in a settlement with Transformco, the privately-held company set up by American billionaire Edward Lampert s ESL Investments hedge fund to acquire Sears and Kmart out of bankruptcy last year.
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Forbes magazine has described the development as a “rare” victory for the Bangladeshi apparel makers against “one of their biggest tormentors”.
Pummelled by the pandemic and battered by the unethical business practices of Western clothing giants, they were left with stacks of clothing and unpaid bills by the crumbling retailer.
Sears has stiffed them multiple times before as it muddled through “ugly” bankruptcy proceedings, the magazine said on Saturday.
Citing attorney Joseph E Sarachek, whose firm represented the 21 Bangladeshi factories in the lawsuit filed last June, Forbes said his clients have gotten “the bulk” of their money back in a settlement with Transformco, the privately-held company set up by American billionaire Edward Lampert’s ESL Investments hedge fund to acquire Sears and Kmart out of bankruptcy last year.
news
Bangladesh RMG makers secure $40m lawsuit victory against Sears The New Nation
Forbes :
Bangladeshi garment suppliers-battered by the pandemic and the unethical business practices of Western clothing giants-have secured a rare victory against one of their biggest tormentors: Sears.
The crumbling retailer left its manufacturers with stacks of its clothing and unpaid bills last spring and has stiffed them multiple times before as it muddled through ugly bankruptcy proceedings, reports Forbes.
According to attorney Joseph E. Sarachek, whose firm represented the 21 Bangladeshi factories in a $40 million lawsuit filed against Sears last June, his clients have gotten the bulk of their money back in a settlement with Transformco, the privately-held company set up by American billionaire Edward Lampert s ESL Investments hedge fund to acquire Sears and Kmart out of bankruptcy last year.