Retail stores across the United States have closed their doors and furloughed workers over the past few weeks as states institute stay-at-home orders to stop the spread of the coronavirus.
Experts say that many of those stores, including some well-known retail brands, will never re-open.
As the Washington Post reported, the closure of all non-essential businesses has left retailers large and small in a state of "suspended animation." While the federal government has instituted a program offering loans to help them weather the storm, business owners have complained that the process is unclear, and major banks like JPMorgan Chase warned that they are not able to accept or process applications right away.
Even the loan program likely won't be enough for many businesses, the report said. Citing information from Coresight Research, the Washington Post noted that more than 60,000 stores have closed in recent weeks and 1 million retail workers have been furloughed. That includes major brands like Macy's, J.C. Penney, and Kohl's, which told most of their employees to remain home without pay for the indefinite future.
