A zombie well before the pandemic, the UK company had racked up huge debts to finance rapid growth in a sector that had started shrinking some time ago.
“People do not buy a new outfit to stay at home.” Sales at stores that have reopened languish while ecommerce is booming. McKinsey: up to a third of global fashion retailers will not survive the crisis.
Commercial Mortgage-Backed Securities backed by hotel and mall properties get hit the hardest. Mall-REIT CBL failed to make bond interest payment yesterday.
