Struggling department store group Debenhams says it will cut 2,500 more jobs as it struggles to survive the coronavirus pandemic.
shopping revenue and sales and are set to lose big this fall as many schools across America remain closed.
If most schools are shut, the bank’s research group anticipates Americans will spend less on clothes this fall and more on technology and supplies for homeschooling.
The loss of back-to-school sales is just the latest blow to struggling clothing retailers.
Several, including Brooks Brothers, Men’s Wearhouse, Joseph A. Bank, J.Crew, JCPenney, Neiman Marcus and Lord and Taylor, have filed for bankruptcy since the US economic shutdowns began in March.
American Eagle, (AEO) Abercrombie (ANF), Children’s Place (PLCE), Urban Outfitters (URBN), Gap (GPS) and its Old Navy subsidiary are in a vulnerable position do to their
“heavy reliance” on back-to-school season sales, which it likened to most stores dependence on winter holiday season performances.