J. Crew on Monday became the first national U.S. retailer to file for bankruptcy amid the coronavirus outbreak, and Neiman Marcus isn’t far behind, according to a Bloomberg report. Meanwhile, sales at e-commerce giant Amazon have surged while many Americans remain stuck at home.
“The kind of ways they provided their goods — and the goods they provided — are likely just to go away permanently,” adds Hutchins, co-founder of Silver Lake Partners and former special advisor to President Bill Clinton on economic and health-care policy. The trend is backed by earnings released in late April by Target , which showed that digital sales to-date in that month had surged 275% while store sales had plunged at a high-teens percentage, as Yahoo Finance’s Brian Sozzi reported.
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