True Religion Apparel Inc on Monday filed for Chapter 11 bankruptcy protection for a second time in less than three years, becoming another casualty of the coronavirus outbreak that has ravaged the retail sector.
The department store operator announced on Tuesday that EVP and chief financial officer Paula Price will be leaving the company as of May 31, 2020, and revealed that it has begun an external search for her replacement.
Macy’s Inc will be removed from the benchmark S&P 500 stock index, the S&P Dow Jones Indices said on Tuesday, as coronavirus-induced store closures compound the retail sector’s struggles with a shift to online shopping.
Macy’s Inc said on Monday it would furlough most of its 130,000-strong workforce starting this week as all stores of the department chain operator have been temporarily shut due to the coronavirus pandemic.
The San Francisco distribution center is expected to be closed until April 7, while the Bethlehem center will remain closed until further notice, following a state-wide order to close all non-life-sustaining businesses.
As Covid-19 continues to spread, the footwear and apparel company announced the temporary closure of its stores on Thursday, but was keen to point out that it is “well positioned to weather the current challenges."
Wednesday was another day full of announcements from U.S. retailers looking to do their part to combat the spread of Covid-19 by implementing store closures. J.C. Penney, Skechers and J.Jill were among the latest batch.
With North American retailers implementing store closures to combat the spread of Covid-19 since the weekend, Tuesday’s announcements have come from the likes of Macy's, Ralph Lauren, AEO, Foot Locker and Tapestry.