Retail

Coronavirus could spell doom for fashion brands as demand, money dry up

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A sitting area typically filled with people is virtually empty as a man walks through Herald Square with a protective mask on March 12, 2020 in New York City.

Gary Hershorn | Getty Images

Without quick government aid, the people whose work propels the fashion industry – designers,  suppliers and other laborers – are facing financial ruin, American brands are warning.

Fashion brands rely on sales in department stores on to pay their bills. Demand for new product has disappeared over the past month, as major American retail chains, including Macy’s, Neiman Marcus and Nordstrom, have shuttered their stores amid the coronavirus pandemic. Many are not paying for shipments of products…



Source cnbc.com

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