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.
Owner of a small cafe that specializes in fine cakes and sandwiches tells me: “We’ll be lucky if we get half the normal number in July and August.” It’s now “all about damage control.”
“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.
