BREAKING: J.C. Penney files for Chapter 11 bankruptcy protection, becoming latest retail casualty of pandemic.
Shapiro said he thinks retail sales should rebound somewhat as states and localities reopen their economies. But he said overall sales would remain depressed “because there is going to be a big chunk of the lost jobs that don’t come back.”
Clothing-store sales tumbled 79%, department stores 29%. Restaurants, some of which are already starting to close permanently, endured a nearly 30% decline despite shifting aggressively to takeout and delivery orders. Lindsay Fulton, a 29-year-old from suburban Richmond, Virginia, who was furloughed from her sales job at the end of March, said most of what little shopping she does now is online. She has no plans anytime soon to browse stores or simply shop for fun.In the past two weeks, J.Crew, Neiman Marcus and Stage Stores have filed for bankruptcy protection. J.C. Penney with its 850 stores and almost 90,000 workers followed them on Friday into bankruptcy.
The pressures being exerted on retail are also being felt globally. Among the European countries that share the euro currency, retail sales fell a painful 11.2% from February to March.
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