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BY SUZANNE KAPNER AND SHELLY BANJO
Wal-Mart Stores Inc., Gap Inc. and other large U.S. retailers are nearing an agreement to establish a $50 million, five-year fund to improve safety conditions in Bangladesh garment factories, a person familiar with the proposal said.
The deal could be announced as soon as mid-July, but the details are still being worked out, said the person. The $50 million fund, a critical component of the deal, is contingent on the Bangladesh government meeting certain criteria that would ensure accountability for safety improvements, this person added. It wasn’t immediately clear what level of cooperation Bangladesh officials have agreed to provide.
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Read more here: Retailers Hammer Out Safety Pact
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