that its comparable store sales dropped 22.2% year-over-year during the month. Additionally, Nordstrom stated that the pandemic is adversely impacting its performance and that its "financial situation could become distressed" if its stores are closed to customers for a long period, per a .
Meanwhile, retailers like Neiman Marcus and JCPenney are facing debt payments that may be difficult to make during the pandemic. JCPenney, Ascena Retail, Neiman Marcus, and J.Crew all face over $1 billion in debt maturities through 2022, per . Some retailers have reportedly been trying to extend their payment timelines and might renegotiate their loans, which could complicate their financial futures.
The new normal: Merchants will be working to find ways to supplement their lost sales during the pandemic, but many will have to adjust their operations or file for bankruptcy when it ends. Until the pandemic subsides, stores reopen, and foot traffic returns, merchants will focus on boosting their e-commerce sales by selling in new channels and with new tactics. Retailers and restaurants that are losing sales during the pandemic can't afford to simply wait until it ends.
about the future of movie theater operators like AMC, for example — potentially cutting down the number of merchants and altering the competitive landscape.Business Insider Intelligence analyzes the payments and commerce industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more.
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