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.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US retail sales plunged a record 16% in April as virus hitBALTIMORE (AP) — U.S. retail sales tumbled by a record 16.4% from March to April as business shutdowns caused by the coronavirus kept shoppers away, threatened the viability of stores across the...
Read more »
Coronavirus likely hammered U.S. retail sales again in AprilU.S. retail sales likely endured a second straight month of record declines in April as the novel coronavirus pandemic kept Americans at home, putting the economy on track for its biggest contraction in the second quarter since the Great Depression.
Read more »
U.S. import prices fall in April led by record drop in cost of imported fuelU.S. import prices fell 2.6% in April, the largest decline in more than five years, the Labor Department said Thursday. The decline was led by oil prices,...
Read more »
Coronavirus live updates: April retail sales plunge lower than expectationsNEW: New York City now has 110 cases of Pediatric Multi-System Inflammatory Syndrome Associated with COVID-19, an inflammatory syndrome which has features that overlap with Kawasaki disease, mayor says.
Read more »
April retail sales fell by 16.4 percent, the lowest level on recordNEW: US retail sales plummeted 16% in April, as business shutdowns froze economy and kept shoppers away.
Read more »