“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.
“Consideration may need to be given” to bailouts from taxpayers “to meet solvency or liquidity requirements,” but only “at the extreme end,” whatever that means.
Airlines, automakers at the forefront. And it has only just begun. EU waives rules banning state aid. Ryanair, which doesn’t need a bailout, is furious.
