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How retailers extend store closures could create a financial crunch!

This Friday was the day that many retailers set roughly two weeks ago as the marker for how long they planned to temporarily keep their shops closed. But as the number of COVID-19 cases continues to rise, nothing is opening back up again.

For some, this might not come as a surprise. Many of these companies likely set the initial end-of-the-month date because they knew they could at least pay workers for two-weeks time, verbally committing to do so, and they had already paid their landlords March rent, CNBC reported. 

Now, heading into April, we are in uncharted territory. Where the industry goes from here will depend on many factors, as the announcements from a

According to CNBC, Nordstrom on Wednesday said it would be extending its store closures in the U.S. and Canada through at least April 5. It is also beginning to furlough a portion of its corporate workforce, starting April 5 for six weeks. 

The temporary closures will likely lead to more permanent ones. With the coronavirus as a new wrench in their businesses, the U.S. retail industry could see a record year for announced closures, amounting to 15,000, one analyst has predicted. 

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