Americans working from home are dressing casually and causing major headaches for retailers who specialize in traditional office clothes.
USA Today reported that Men’s Wearhouse, Jos. A. Bank, Brooks Brothers, Lord & Taylor, Ann Taylor, Loft and Neiman Marcus are among the retailers whose parent companies have entered Chapter 11 bankruptcy recently.
The newspaper said all have been hit by a drop-off in sales as many Americans work from home due to the pandemic.
Menswear shops have been particularly hard hit. USA Today, citing data from the research firm IBISWorld, said revenue for men’s clothing store is expected to fall by 13% in 2020 and continue to decline in upcoming years.
“People are shopping more online, and men are just not buying suits,” said Helena Song, an S&P credit analyst who tracks retailers.
The apparel retailers have been among the hardest hit from the coronavirus crisis as their businesses were considered non-essential and their stores had to be closed during the shutdown. They had to limit operations to online, which led to furloughing of staff and unpaid leases and rents.
And the impact of the pandemic has accelerated the move to more casual wear in business -- further damaging the retailers.
“Instead of having casual Fridays, it’s become the casual workweek," said Ray Wimer, an assistant professor of retail practice at Syracuse University’s Whitman School of Management.
Jeffrey Rodack ✉
Jeffrey Rodack, who has nearly a half century in news as a senior editor and city editor for national and local publications, has covered politics for Newsmax for nearly seven years.
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