The U.S. retailer bankruptcy wave is rippling across the global supply chain, bringing pain for suppliers in Europe and Asia.
Then the pandemic shutdowns hit, forcing many businesses to close or rethink everything from how to serve customers to how to get supplies. Bankruptcies were not far behind. A wave of major U.S. corporate brands have sought Chapter 11 protections.“This machine has been there since March and still has not had a child ride on it,” said Watson, general manager of Jolly Roger Ltd. “Sums the whole problem up I guess.
The hit to industries like textiles in particular threatens livelihoods in the developing world. Countries such as Bangladesh, Cambodia, Vietnam and Ethiopia rely heavily on making shirts, socks and other apparel to provide jobs and support their economies.Gaurav said that emerging economies such as Vietnam have made significant factory investments in recent years, anticipating a shift in production out of China, where costs were rising.
The local government arranged bank loans and other subsidies to help tide them through, but several have filed for bankruptcy in recent months.
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