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Share it You would be hard pressed to find a retailer that, for better or worse, was unaffected by COVID-19. While some thrived, the pandemic brought financial strains if not outright turmoil to many companies. In 2020, Retail Dive tracked 30 major retailers that filed for bankruptcy. Others, meanwhile, are searching for their footing in a retail environment undergoing continual change. The rollout of the COVID-19 vaccine has given both Americans in general and retailers reason for hope. Even so, foot traffic and sales to many discretionary retailers remain below 2019 levels. That has made previously healthy businesses seem more wobbly than they did in 2019, and heavily indebted or weaker operators are even more vulnerable. ....
Stores are open, but vendors face longer payment terms and financial uncertainty. By: Ben Unglesbee The retail supply chain, like the retail industry itself, has gone through a dramatic period of stress since March 2020. The early months of the COVID-19 crisis brought ubiquitous order cancellations. Almost as pervasive were retailers efforts to push out payments for shipments. In turn the cash flow crisis in retail hit suppliers just as hard. Businesses furloughed employees, negotiated with landlords and other vendors, and wondered if they would be able to stay in business, just as retailers did. By summer stores had reopened in most areas and orders were coming in which is crucial for both retailers and vendors but suppliers financial woes persisted. ....
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While COVID-19 restrictions shut off international and business travel, those at home still want to get a way, albeit within a closer distance from their place of residence. ....