JCPenney, Sears, Nieman Marcus and JCrew could collapse from the coronavirus recession
CNNNew York CNN Business — They were once the giants of American retail, strong enough to survive wars, the Great Depression, the Great Recession and the rise of online shopping. “The retailers who were wandering around aimlessly pre-pandemic are going to be substantially less likely to muddle through than they were before,” said Mark Cohen, director of retail studies at the Columbia Business School. Although JCPenney has enough liquidity to survive for the next several months, it may face challenges refinancing its debt in the future, said David Silverman, senior director at Fitch Ratings. Neiman Marcus is considering filing for bankruptcy to ease its $4.3 billion debt load, Bloomberg reported last month. Neiman Marcus is “completely helpless in light of the fact that the luxury sector may not emerge quickly when the pandemic crisis is over,” said Cohen from Columbia Business School.
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Pandemic claims another retailer: 118-year-old J.C. Penney
Associated Press
JCPenney, Sears, Nieman Marcus and JCrew could collapse from the coronavirus recession
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