Neiman Marcus and other big name stores are at risk of declaring bankruptcy as sales come to a halt
The coronavirus pandemic has taken a huge toll on the retail industry. A number of big-name stores are at risk of filing for bankruptcy, as even online sales are down between 15 and 25 percent year over year.
That’s prompting what some are calling "Black Friday in April," with retailers offering blockbuster online sales since most stores across the U.S. are closed.
Department stores like Bloomingdale's, Macy’s, Saks Fifth Avenue and Nordstrom are stocked with tons of spring and summer merchandise. Neiman Marcus is allegedly expected to file for bankruptcy protection.
That’s where the online deals are, retail analyst Suchartia Kodali told Inside Edition. “Stores are desperately trying to do whatever they can do to salvage sales at this time,” Kodali said.
“For people looking at department stores right now, I would really recommend spring apparel and athletic apparel and footwear," shopping expert Trae Bodge told Inside Edition. "That’s where the better deals are going to be right now.”
For example, a pair of animal print boots that were originally $79 at Macy’s are now on sale for $19.33, 75% off the original price. A Michael Kors top that was originally $78 is now $23.40 at Saks Fifth Avenue.
Many stores are also offering relaxed return policies and free shipping.
Even with big sales, many consumers who have lost their jobs during the pandemic are understandably reluctant to spend.
“People just aren’t buying clothes right now. They’re not going out,” the expert said. “It’s a discretionary purchase. They don’t need it.”
RELATED STORIES
