Thanks to resurgence of coronavirus infections, many Western countries have once again re-imposed tougher restrictions and lockdowns which have hit the sales, reportedly, maintained global brands and retailers, who are now, reportedly, seeking unusual deferral payment from their suppliers, which have put them in a fix.
According to media reports, during the first wave of coronavirus, brands and retailers had demanded abnormal deferral of the payment because of lockdowns and massive supply chain disruptions, but with the improvement in the situation lately, duration of deferred payment significantly improved as buyers placed work orders with 90 days of LC payments even as the report underlined that over the last one month or so, buyers have again been demanding 120 days to 150 days as the payment period consequent to sales having taken a hit after many countries were forced to re-impose restrictions to stop the spreading of the contagion.
Almost all of our buyers are financially weak now because of the coronavirus fallouts, reportedly, claimed the Managing Director of Ha-Meem Group AK Azad speaking to the media, adding that as a result of the same, they are again seeking unusual deferral payments.
