As more school districts roll back their reopening plans to curb the spread of coronavirus, major retailers are aggressively discounting back-to-school items and airing new ads featuring students taking classes at home.
Macy’s Inc reported a staggering $3.58 billion loss on Wednesday for its coronavirus-hit first quarter as store shutdowns resulted in the department store chain recording a $3 billion impairment charge.
With coronavirus-related restrictions slowly being lifted in a number of states, companies including Macy’s, Nordstrom, Caleres and Ulta have joined the list of U.S. retailers slowly reopening their stores.
Neiman Marcus Group is said to be preparing to seek bankruptcy protection as soon as this week, becoming the first major U.S. department store operator to succumb to the economic fallout from the coronavirus outbreak.
True Religion Apparel Inc on Monday filed for Chapter 11 bankruptcy protection for a second time in less than three years, becoming another casualty of the coronavirus outbreak that has ravaged the retail sector.
The department store operator announced on Tuesday that EVP and chief financial officer Paula Price will be leaving the company as of May 31, 2020, and revealed that it has begun an external search for her replacement.
Wednesday was another day full of announcements from U.S. retailers looking to do their part to combat the spread of Covid-19 by implementing store closures. J.C. Penney, Skechers and J.Jill were among the latest batch.