The Corona virus nightmare Pandemic has affected businesses all over of the world especially fashion related businesses. Who would have thought that a time would come where people would no longer clothing Phew!!!.
News from relevant sources shows that Big Fashion retail stores like Aldo, H & M, Victoria’s secret, GAP, GUESS, MUJI and La Senza are shutting down their stores temporarily due to low patronage. Oh well..….No thanks to Aunty Rona ??.
Here are some of the PR messages they put out to consumers.
ALDO
Their CEO said, “It is no secret that the retail industry has experienced rapid and significant change over the last several years.
We were making strong progress with the transformation of our business to tackle these challenges; however, the impact of the COVID-19 pandemic has put too much pressure on our business and our cash flows.
After conducting an exhaustive review of strategic alternatives, we were determined that filing is in ALDO’s best interest to preserve the Company for the long term and survive through this challenging period.”
H & M
As a restructuring plan for the business, H&M announced that it will be shutting down 170 of its stores worldwide. The brand will be adapting and focusing on their online sales instead.
VICTORIA’S SECRET
Victoria’s Secret announced that they will be closing down 250 of their stores in the US and Canada.
The brand mentioned that it may see more stores closing over the next few months in an effort to restructure the company.
In the UK, the brand closed 25 of its stores and laid off 800 employees.
GAP
The brand seems to have hastened its store closures as it recorded a 43% drop in the first quarter.
Gap wrote in a statement, “We are committed to quickly, thoughtfully, and decisively address stores that are underperforming or don’t fit our vision for the future of Gap.”
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