Fast Retailing to pay suppliers during crisis

Fast Retailing, the parent company of Uniqlo, has announced that they will be paying suppliers during the coronavirus pandemic. Fast Retailing has said they are committed to protecting the well being of the people who make their clothes, a big difference between them and many retailers who have cancelled orders and won't be paying suppliers until they place orders again.

Fast Retailing has said that no changes will be made to their payment schedule, which was confirmed before the coronavirus pandemic. They also plan on consulting with their production partners to assess the health of their individual companies.

Fast Retailing does plan on adjusting production schedules and re-allocating orders so partner factories can manage safe work conditions and be fiscally responsible in producing collections. Fast Retailing has also gone above and beyond by providing some of their factories with sanitization measures as well as infrared thermometers to check the temperatures of employees.

The cancellation of orders has crippled many factories, particularly in Bangladesh, where a few factories have begun reopening but there are not enough orders for manufacturers to meet their regular payrolls. As coronavirus has forced global economies into a recession, factories could potentially continue struggling with orders and cancellations at least until summer.