The very public apology made by Frasers CEO Mike Ashley on Friday underlines the importance of good PR during the coronavirus crisis and an analyst has said that "exemplary ethics will pay off" once the outbreak is over.
Threads giant Coats Group has said it's taking a major hit from the Covid-19 outbreak as this month has seen brands and manufacturers starting to cancel or defer orders due to large-scale store closures.
Mike Ashley issued a rare apology for his actions in recent days on Friday and said Frasers Group has offered its support to the NHS and is "poised and ready, with our entire fleet of lorries at their disposal".
The company, which is set to borrow $210 million under its senior secured asset-based revolving credit facility, said it will follow the guidance of local governments and health organizations before reopening stores.
Lululemon Athletica Inc. was one retailer with good news on Thursday, as it reported fourth-quarter results that topped expectations, which lead to a 21 percent net revenue increase for full-year fiscal 2019.
Gap Inc on Thursday withdrew its full-year forecast issued two weeks ago, suspended its dividend and said it will draw down on its $500 million credit facility as the retailer looks to weather the coronavirus crisis.
Clothing and homewares retailer Next has stopped taking online orders from 1800 GMT on Thursday until further notice after its warehouse and distribution workforce expressed concerns over the coronavirus outbreak.
The Italian fashion industry association's president asked landlords to accept a rent payment suspension until stores will reopen, urging them to renegotiate lease terms until income flows will become regular again.