After closing stores around the world to curb the spread of the coronavirus, retailers are now telling some vendors to immediately cancel orders.
Macy’s said on its website on Wednesday that the heavy toll from coronavirus is forcing it to freeze both hiring and spending, reducing receipts and extending the terms for payment of all goods and services.“I’ve been doing this 38 years - this doesn’t compare to anything I’ve experienced,” Rotstein said. “Just the loss of income, I mean, I think we’re looking at no income for at least 8 weeks.”
Rotstein said that some retailers are asking him to “just pause maybe another week or two to try and figure out what the receipts are going to look like in the third and fourth quarter.” “The company is also temporarily closing its online businesses tjmaxx.com, marshalls.com and sierra.com during this time, as well as its distribution and fulfillment centers and offices, with associates working remotely when they can,” Herrman said.
UK shoe retailer Schuh said on Thursday it had decided to close its online site as well as its stores to keep its staff, customers and community safe. British clothing retailer Next suspended online shopping on Thursday as well shutter its warehouse and distribution operations “until further notice.”
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