Retailers Forum Magazine August 2020 EMAG

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Pandemic Mania AS the world continues to go crazy over everything from whose lives matter, Stonewall Jackson and the local Governors arbitrary opening and closing of businesses, the Covid fiasco has entered a new phase... CAKES! Apparently Costco, in their infinite wisdom, has elected to eliminate the coveted sheet cakes from their stores, citing the pandemic as the reasoning. OK, we are reasonable people and it is hard to understand why a delicious bakery treat would be halted. But, alas, the genius minds at Costco have given their “logical” reasoning for the halting of the sheet cake. THE loved sheet cake, regarded for its tastiness and affordable $19 cost is halted to help limit personal contact and create more space for social distancing. At first I thought, hmm, social distancing - sheet cakes are big and maybe Costco will only offer mini cookies or something. But their lunacy goes further. COSTCO doubled down on their reasoning by citing CDC guidance from health agencies to limit large gatherings to prevent the spread of Covid 19. So, in other words Costco is going to fight Covid 19 one cake at a time! WHILE Facebook and social media groups begged Costco to reconsider (there is a loyal sheet cake following), the store said it has no immediate plans to revive the product and will indeed replace it with a small 10-inch cake for $13 that will feed only up to a dozen people. So, thank you Costco for being on the front line in our fight against Covid and limiting the number of cake servings we can consume. You’re great patriots! Bankruptcies On The Increase SOME of the saddest news to come over the last few months is the devastation of the retail industry due to both the virus epidemic and the erratic handling by state and local government on businesses around the country. Many local authorities have mishandled the reopening of our businesses and it was quite apparent in the rulings and mandates. Mall stores could open, but only if they had outside street access. The stores inside the mall in the interior spaces were not allowed to operate. GIANT chain stores like Home Depot could operate but independent smaller retailers could not. The openings and closing shots were called by inept politicians who have no clue on business operations. These are lifetime politicians so far removed from the reality of our businesses that the frustrations boiled over and now many stores are at the point of closing down for good. ASIDE from Pier One and JCP, the iconic denim retailer Lucky Brand Dungarees has filed for bankruptcy protection, blaming its troubles in part on the coronavirus epidemic. Word is that they are trying to line up a buyer for the company. LUCKY said it plans to close 13 stores and could shutter more during the course of the bankruptcy process. There is a proposed deal to sell the company to buyers led by apparel group operator SPARC Group for $140.1 million in cash and $51.5 million in credit. They are currently awaiting bank approval. Unfortunately for our small businesses we don’t have the million dollar exit plans so we trudge on optimistically. For Late-Breaking Industry News Visit: www.RetailersForum.com If It Affects Retailing We Report On It! Page 14 AUGUST 2020 | RETAILERS FORUM MAGAZINE
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Retailers Forum Magazine August 2020 EMAG

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