Dive Summary:

• Following the widely-publicized collapse of the Rana Plaza building in Bangladesh, several major international retailers have agreed to an industry-wide imitative to improve factory safety.
• All parties have a reported 45 days to hash out the details of the accord. Major retailers like H&M could see potential contributions rise to $640,000 annually.
• Despite the major agreement, several U.S. retailers like Walmart and Gap refuse to commit to the pact, citing concerns of the legally-binding nature of the agreement.

From the article:

The failure of the patchwork approach in an industry driven by relentless pressure to cut costs and turn out an ever-greater volume of affordable clothing became evident as more people died in factory disasters. Last November, at least 112 workers, some producing garments to be sold by Wal-Mart, perished in a blaze at the Tazreen Fashions factory outside Dhaka, the Bangladeshi capital. Many were unable to escape because of locked windows and doors.