Loblaw plans more actions after Bangladesh building collapse
(Reuters) - Loblaw Cos Ltd, Canada's largest food retailer, said it would soon announce more actions in the wake of the collapse of a building in Bangladesh where some of its "Joe Fresh" garments were manufactured.
More than 400 people died in the collapse of the illegally constructed building in Dhaka, which housed a number of apparel factories.
"I am deeply shaken by the event. Our hearts and prayers continue to go out to those who were injured, to all the families who have lost loved ones," Executive Chairman Galen Weston said on a conference call.
"We have taken action to address the situation including the announcement of a fund to provide relief to the victims of this tragedy. There is more we will do and we will make that public over the next few days."
He did not specify what further measures Loblaw would take.
Loblaw is majority-owned by George Weston Ltd, which is controlled by the Weston family.
Loblaw, along with some other retailers supplied from the collapsed building, has offered to compensate families of victims of the tragedy.
"This is an evolving situation that we need to be very close to," Loblaw President Vicente Trius said on the call.
The Joe Fresh clothing line, launched in 2006, represents a key part of Loblaw's growth strategy.
Following a private emergency meeting of Canadian retailers, the Retail Council of Canada said on Tuesday it would develop a new set of trade guidelines.
(Reporting by Bhaswati Mukhopadhyay; Writing by Rodney Joyce)
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