Clockwise from Top. Retail Apocalypse Summer 2020. Last week, we got to see the impact COVID-19 has had on the retail industry with a little more clarity. A number of retail companies filed for bankruptcy protection, and the Treasury Department publicized the recipients of its Paycheck Protection Program (PPP) funding, which provided capital to companies in exchange for avoiding layoffs. With the unemployment rate high, evictions set to resume in most states, and federal unemployment stimulus set to expire, the summer has been difficult for businesses that aren’t selling essential goods and services. Just this week alone, Brooks Brothers, Sur La Table, Totokaelo/Need Supply and Muji filed for bankruptcy. To weather the downturn, some fashion brands applied for and received PPP funds including Comme des Garçons, Dover Street Market, Mansur Gavriel, Moda Operandi, Noah, The Row, Valentino, and Yeezy. Meanwhile, Macy’s announced it was eliminating almost 4,000 corporate jobs, and Nordstrom announced it was combining its digital and brick-and-mortar merchandising groups into
TT Vol. 10
TT Vol. 10
TT Vol. 10
Clockwise from Top. Retail Apocalypse Summer 2020. Last week, we got to see the impact COVID-19 has had on the retail industry with a little more clarity. A number of retail companies filed for bankruptcy protection, and the Treasury Department publicized the recipients of its Paycheck Protection Program (PPP) funding, which provided capital to companies in exchange for avoiding layoffs. With the unemployment rate high, evictions set to resume in most states, and federal unemployment stimulus set to expire, the summer has been difficult for businesses that aren’t selling essential goods and services. Just this week alone, Brooks Brothers, Sur La Table, Totokaelo/Need Supply and Muji filed for bankruptcy. To weather the downturn, some fashion brands applied for and received PPP funds including Comme des Garçons, Dover Street Market, Mansur Gavriel, Moda Operandi, Noah, The Row, Valentino, and Yeezy. Meanwhile, Macy’s announced it was eliminating almost 4,000 corporate jobs, and Nordstrom announced it was combining its digital and brick-and-mortar merchandising groups into