The coronavirus pandemic has been able to find the weak spot in just about every aspect of life. First, the virus made its way into our lives, forcing us to stow away in our houses like prisoners from its tyrannical rule. While we were all sheltering, hoping we were safe from its clutches, it had something more sinister on deck.
The virus then started to seep into our lives by destroying the businesses and brands that we have grown up with and learned to love. The strain that was placed on the economy as a result of the shelter in place orders was more than some companies could bare.
Continue reading below to find out which fashion brands are closing their doors to fight another day, and which fashion brands are filing for bankruptcy, paying the ultimate sacrifice. The brands about to be mentioned, have in some way been affected by the coronavirus pandemic:
Nike
The athletics apparel giant Nike has closed its retail locations until further notice. This could not come at a worse time for the pioneer in the sportswear game. With the critically acclaimed sports documentary “The Last Dance” being released while the virus was at full power, Nike was unable to capitalize on the super successful documentary.
This is an unfortunate turn of events since it is starring their crown endorsement jewel, Mr. Michael Jordan himself. Although they closed their retail locations, they are slowly starting to open stores at the guidance of local jurisdictions. They also remain fully operational online, despite longer shipping times. Even though Nike will be well off and survive the coronavirus pandemic, it still does not take away from the fact it wasn’t able to fully capitalize on its most successful endorser due to the coronavirus pandemic.
Gap Inc.
The sprawling reaches that Gap Inc. has across the clothing industry are a little surprising. They have their hands in just about every segment of the clothing market. Their brand portfolio includes the staples of any respectable mall, Old Navy, and Banana Republic, not to mention their namesake brand, Gap. They also have their fingers in other areas of the clothing market with brands such as Athleta and Janie & Jack.
All of the brands that are parented by Gap have closed retail locations. Luckily just like Nike, they will slowly start re-opening to the public with strict safety measures.
Forever 21
This lady’s fashion brand has been hit hard by the coronavirus pandemic, at the worst possible time. Already hobbling along on its last leg pre-virus, this ailing mecca for trendy girly fashion was hit right where it hurts. It was one of the members of the list of fashion brands declaring for bankruptcy.
It is not all doom and gloom for the fashion brand, as they were purchased by a new company. They did have to shut down shop in many Canadian locations for good. Luckily the plan is to reopen certain retail stores after the coronavirus pandemic and give it a go with new ownership.
J. Crew
With a classic approach to their garments, J Crew has been operating for 73 years. It would appear that just as elderly humans are the most susceptible to COVID-19, such is the case with senior retailers.
J. Crew was the first retailer to file for bankruptcy amid the global pandemic. J. Crew was followed by major brands like True Religion and Neiman Marcus.
The full effects of the coronavirus pandemic and the list of fashion brands who will be forced to declare for bankruptcy could grow much longer as time progresses. The full results are yet to be seen, but one thing is sure. The fashion industry is a resilient one and will undoubtedly bounce back from the coronavirus pandemic.
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