The New York Times reports that national retailers and restaurant chains such as J.C. Penney, Neiman Marcus, Le Pain Quotidien, and Subway are permanently closing locations in New York City in response to Mayor Bill de Blasio’s management of the coronavirus pandemic, which has led to a “mass exodus” of residents and businesses.
Business leaders warn that the city is facing a crisis of “historic proportions,” according to the Times.
Brooks Brothers, one of the United States’ oldest and most prestigious retailers, filed for Chapter 11 bankruptcy Wednesday after 202 years, CNBC reported.
The retailer, credited with dressing 40 U.S. presidents since its founding in 1818, had already been burdened with rising rent when it was devastated by the coronavirus pandemic, which sunk the company’s potential sale, according to CNBC.
Retail sales rebounded in May as states eased coronavirus-induced lockdown measures, allowing retail stores to regain more ground than analysts expected, according to Department of Commerce data.
Retail sales jumped 17.7% in May, effectively doubling expectations and marking the biggest single-month gain in records going back more than 20 years, according to a Commerce Department report released Tuesday. A Bloomberg News survey of economists had anticipated 8.4% increase in retail sales in May as COVID-19-related measures melted away following a 14% decline in April.