Chinos Holdings, parent of preppy clothing retailer J. Crew and women’s apparel and accessories seller Madewell, filed Chapter 11 as part of a restructuring plan that calls for converting $1.65 billion of its debt to equity and securing $400 million in loans. This is the first major retailer to file for bankruptcy during the coronavirus crisis.
Retail was a mixed bag this week, as over a dozen states have begun to slowly reopen, working to come out the other side of the COVID-19 shutdown. Some retailers and malls are doing the same, hoping that enough returning shoppers and their pent-up demand for goods will help with massive cash flow and viability challenges.
While everyone might be caught between a rock and a hard place, the COVID-19 outbreak has proven there is definitely a wrong way to act during times of crisis. Here are several instances in which ecommerce sellers paid a hefty price for the decisions they made. Avoid resorting to these methods when your business is in crisis mode.
A decision by the leadership team at jewelry retailer Kendra Scott to invest in an order management system ahead of last year’s peak season was a critical element enabling the company to quickly turn its fleet of stores into fulfillment centers and initiate curbside pickup, after shutting them down to the public due to COVID-19.
In this MCM CommerceChat podcast, we talk to Matthew Cowan, general partner of Next47, a Siemens-backed venture firm that has invested in startups including last mile platform Bringg and on-demand transportation mapping service provider rideOS, about the critical need for real-time data sharing across supply chain partners.
Some companies are seeing booming ecommerce sales due to COVID-19, while others are experiencing a big hit. Whether you’re a new or existing online business, both scenarios have ecommerce tax compliance implications you need to be aware of. Here are some useful tips to help you stay on top of this important issue.
Ship from store and curbside pickup are not new to multichannel businesses, but many smaller ones are trying to implement this model, often without the infrastructure and systems in place to support it. Here’s what you need to do to set up streamlined, store-level picking and curbside fulfillment during the coronavirus pandemic.
To meet demand for hand sanitizer in the midst of COVID-19, Soapbox reached deep into its supply chain to procure supplies and produce 3 million+ bottles of sanitizer in 2 weeks for major retail clients. David Simnick, CEO, and Daniel Doll, president and COO of Soapbox, talk about how they pulled off this massive undertaking.
A handful of grocery retailers have flipped some locations into so-called dark stores to handle the crush of online orders, but it remains to be seen how widespread the practice will become or how much the trend will stick after the coronavirus threat dies down. Retailers include Amazon/Whole Foods, Kroger, Giant Eagle and Stop & Shop.
In the midst of COVID-19 social isolation, people are craving connection. In the midst of uncertainty, videos of musicians sharing their gifts, both virtually and socially distanced, have gone viral, providing inspiration and hope. Sweetwater CEO Chuck Surack talks about his company’s experience and how they’re connecting with customers.