As retailers extend store closures past the two-week mark, tougher decisions need to be made
This Friday was the day that many retailers set roughly two weeks ago as the marker for how long they planned to temporarily keep their shops closed. But as the number of COVID-19 cases continues to rise, nothing is opening back up again.
Not even close.
For some, this might not come as a surprise. Many of these companies likely set the initial end-of-the-month date because they knew they could at least pay workers for two-weeks time, verbally committing to do so, and they had already paid their landlords March rent.
Now, heading into April, we are in uncharted territory. Where the industry goes from here will depend on many factors, as the announcements from a number of retailers illustrate.
Nike and Lululemon both reported quarterly earnings this week and said that as stores in the U.S. remain closed for the foreseeable future, their plans to reopen will be on …continued .
[Source: CNBC News]