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Ross, other retailers, start canceling orders, indicating there will be no quick return to business as usual amidst the coronavirus outbreak


FILE PHOTO: The sign outside a Ross store is seen in Broomfield, Colorado February 27, 2014.  REUTERS/Rick Wilking

Ross Stores Inc. told suppliers it won’t be placing new orders until at least mid-June.
“We’ve had pretty much 100% cancellation from all major retailers,” one supplier told Reuters.
Other brands canceling orders include Macy’s, Nordstrom, and TJ Maxx.
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President Donald Trump hopes that the US could back open for business by mid-April.

However, retailers’ behavior seems to suggest that it maybe later. Major clothing chains are halting orders for new supplies — one until at least mid-June.

In a March 26 letter to suppliers, the discount shop Ross Stores Inc. said the impact of the COVID-19 pandemic meant it would not be purchasing any additional merchandise until June 18, at the earliest.

The letter, reviewed by Reuters, said it was “the first time in our history” that Ross would be “unable to deliver exceptional merchandise to our customers.”

Other clothing stores, including Macy’s, Nordstrom, and TJ Maxx, have also canceled orders, Paul Rotstein, president of Gold Medal International, a supplier, told Reuters.

“We’ve had pretty much 100% cancellation from all major retailers,” he said. “I think we’re looking at no income for at least 8 weeks.”

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Source:: Business Insider

      

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