Fashion mogul Tory Burch is spearheading an effort to obtain federal assistance for the retail industry amid the coronavirus pandemic:
Retailers are a major component of the U.S. economy, employing 52 million, or one in four people, according to the National Retail Federation. However, it could be crippled by widespread store closures that prevent it from paying fixed costs like payroll and rent. According to Burch, many retailers are considering laying off 50% to 80% of their workforce, or. “Those jobs are in peril now,” said Burch, who employs more than 4,000 people.
The industry is looking for three types of relief: grants to keep their employees on payroll; temporary relief on rent payments via support for their landlords; and relief from duties and tariffs for the next 12 months. While many of the nation’s largest retailers who temporarily closed their stores had stated plans to be back open by the end of March or early April, that timeframe looks increasingly unlikely, especially in New York, California and several other states that have ordered the closure of non-essential businesses without giving an end date.
her husband Pierre-Yves Roussel, a former LVMH executive who serves as CEO, last Thursday. Within two hours, they had reached out to executives at 20 companies, including Gap, Levi Strauss, Ralph Lauren, Michael Kors parent company Capri, and Tapestry, which owns Coach, Kate Spade and Stuart Weitzman.Steven Mnuchin on Friday evening and maintaining “constant” contact with House Minority leader Kevin McCarthy.
Burch, who has begun calling herself a “professional inserter,” says she has not been above using emojis of prayer signs in her text messages. She is unsure when her own stores will be back open. “We’re all just winging it,” says Burch.
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