Top stories this week on just-style include a look at how the flood of excess inventory from the Covid-19 pandemic will likely lead to widespread administrations for companies in the UK, Europe, and the US, and why retailer bankruptcy laws need reform. Elsewhere, J.Crew Group has filed for Chapter 11 bankruptcy protection, and Gap Inc has partnered with IMG to explore the introduction of “complementary products” to its Gap, Banana Republic, and Janie and Jack assortments.
Covid-19 inventory glut adds to garment industry grief With spring/summer now a write-off for most fashion retailers, the resulting flood of excess inventory – and the subsequent discounting and margin erosion – will likely lead to widespread administrations for companies in the UK, Europe and the US.
J.Crew files for Chapter 11 bankruptcy protection US apparel retailer J.Crew Group has filed for Chapter 11 bankruptcy protection as part of an agreement that will hand over control to its top lenders.
Supplier crisis shows why retailer bankruptcy laws need reform In recent weeks a number of global retailers have found themselves in deep waters financially. But when a retailer is declared bankrupt, it has a detrimental knock-on effect on its supplier factories.
Distressed US apparel retailers face surge in defaults The US retail and apparel sector faces surging defaults over the next 12 months as companies succumb to pressures mounting from the lengthy shutdown and potentially slow recovery from the Covid-19 pandemic, a new forecast suggests.
Gap eyes new product categories with IMG licensing deal Speciality clothing retailer Gap Inc has partnered with IMG to explore the introduction of “complementary products” to its Gap, Banana Republic, and Janie and Jack assortments, including baby equipment, home décor, and furniture.
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