Desperate retailers to ask for emergency help amid worries that economic turmoil could worsen

[Zorro]

As some companies topple into bankruptcy, others struggle over what to do with a glut of unsold goods

The nation’s retail industry is swamped with stuff and short of cash.

As they reopen stores full of merchandise from March that no one will want in June, retailers are struggling to make room for summer goods trapped in overstuffed warehouses.

With five big retailers having filed for bankruptcy in May, some of the industry’s survivors can’t get financial backing for their holiday season orders — prompting an urgent appeal to the Treasury Department and Federal Reserve for help.

Even though stores were closed for much of March and April, huge amounts of shoes, shirts, suits and swimwear poured into the United States from global supply chains that continued churning despite the pandemic. Retailers have to decide what to do with their leftover March goods and a glut of seasonal gear while they place their bets on what consumer spending will look like in six months.

https://www.washingtonpost.com/business/2020/05/31/fed-treasury-retailers-coronavirus-economy/

[Laelth]

1. It's a really bad mix tape--1918, 1930, and 1968.

All in one. 2020 sux.

-Laelth

[Demovictory9]

2. Steinmart reopened it's stores on Friday. I went on Saturday.. maybe 8 women in the entire store

I picked a few items off the sale rack... expecting them to cost $15 each... when rung up the items were about $4. The cashier and i were amazed. She grabbed an item I had set aside and said you still want it... heck yeah!

8 of us shopping for items costing $4 is not sustainable for a large department store

[JI7]

6. It was the sale rack. Businesses need to move inventory

[Demovictory9]

7. yes, but the items were discounted more than marked, more then typical

[JI7]

8. That happens a lot of times. There are many videos on this

The people are like those extreme coupon types but they figure out things like when stores will have sales and markdowns including what may not appear in the tags or signs.

This may still have had to do with the pandemic though with more items being on sale and sales being lower also.

[msongs]

3. the "glut of unsold goods" vanish as we speak, xcpt they are not being sold nt

[keithbvadu2]

4. You have to be friends with the right people.

You have to be friends with the right people.

https://www.cnbc.com/2020/05/14/private-jet-company-owned-by-trump-donor-gets-27-million-bailout.html

Private jet company founded by Trump donor gets $27 million bailout

"The funding is a grant rather than a loan, and doesn’t need to be repaid to the government."

[JI7]

5. Direct Continuous Payments to individuals would help more since money set aside

for businesses go to those that are doing ok or to Trump supporters in exchange for trump trash getting something.

The 1500 a month should have been for 3 months and then to see how things were and extend if needed.

[Merlot]

9. Direct payments make so much more sense than the convoluted system of

paying companies to pay their employees and return the money if they did not hire back all the employees. The employers still can't hire back the employees if there are no customers.

Stupid waste of funds. Should have gone directly to citizens, starting with unemployed and independents.