Author:Dhani MauPublish date:Mar 30, 2020Unsurprisingly, brick-and-mortar retailers will be among the hardest hit businesses following the Covid-19 outbreak. Large, publicly-traded retailers like Gap and J.C. Penney are withdrawing cash from lines of credit and deferring payment dates for cash dividends in the hopes of weathering this storm.
"We felt like, we have the ability to survey thousands of retailers quickly, why not make this not a guessing game but actually give people hard data that hopefully allows them to make the right business decisions to navigate out of this," explains Wells. Many retailers are also expecting that it will take longer to sell product through, and thus, many will take longer to pay vendor invoices — 35% of retailers surveyed expect to pay in 60+ days — which could leave many brands strapped for cash if they don't find a way to prepare.
"Discount due invoices and extend terms," wrote one anonymous retailer in a plea to vendors. "We need more time to sell the products we have received. We both will have to reduce our margins on current inventory to survive... We must share in the added expense upfront or many stores won’t survive."
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