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Beximco lays off 40,000 workers at 15 apparel units

Beximco Group, a major conglomerate in Bangladesh, has laid off approximately 40,000 workers from 15 of its apparel manufacturing units due to a significant decline in orders from Western markets. This decision was influenced by the ongoing global economic downturn, exacerbated by the Russia-Ukraine war, which has led to reduced consumer demand in key markets like the US and Europe. The layoffs, which started in October, have affected workers across various levels, with many being sent on leave without pay. Beximco, known for producing garments for brands like Zara, H&M, and Calvin Klein, has also seen its export earnings drop by 15% in the first half of the fiscal year. The company is attempting to mitigate the impact by offering voluntary retirement schemes and exploring new markets to revive its business.

Read the Full The Daily Star Article at:
[ https://www.thedailystar.net/business/news/beximco-lays-40000-workers-15-apparel-units-3779751 ]