Sales have dropped by more than half in March, and numbers will only get worse. FMTNews Textile Economy
A man walks through nearly empty streets past a Macy’s store in Boston two weeks ago.
Sales of clothing and accessories dropped by more than half in March, according to the Commerce Department, and the numbers will be only worse in April, when lockdowns to stop the virus were widespread in the US. The famous chain furloughed the majority of its 130,000 employees in March after closing all its stores, freezing new hires and cancelling orders.
JCPenney and Nordstrom are in similar trouble. Analysts at investment bank Cowen think their finances can only last them another eight months. The success of Amazon and other online stores, along with “fast fashion” brands like H&M and Zara, challenged department stores and forced them to reinvent. L Brands, owner of Victoria’s Secret, is heading for a court fight with a private equity firm that said it would buy the emblematic lingerie line in February but then backed out.
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