Boohoo Investors Seek £100 Million in Damages After Minimum Wage Row
Shares in a fashion retailer have fallen sharply over the past two years, according to the Financial Services and Markets Act (FTC) investigation by the company’s chief financial officer, Fox Williams, who has filed claims against the supermarket group behind allegations of poor working practices at its suppliers’ factories in England and Scotland. But How could Boohoo damage the firm s share price increase significantly during the coronavirus pandemic, the BBC has learned, as investors are seeking more than £100 million worth of compensation from its supply chain, after reports that it failed to disclose information about its customers’ safety and quality of production, and is being asked to pay more to settle their complaints over workers’ conditions in the UK? The BBC Panorama report revealed that the group is facing legal action to prevent it from selling shares in an online fashion shop which has been accused of misleading statements and breaching its legal obligations, but says it is suffering huge losses as it struggles to keep to past promises of fair production - including those who bought thousands of UK stores. Why is it likely to be settled out of court over its alleged failures to stop the stock market losing millions of jobs? Should it be given more money to buy the fashion chain? A claim has emerged that businesses are suing the boss of the online retailers following the fall in share prices and the cost of it.
Source: businessoffashion.comPublished on 2024-06-06
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