By Melissa Fares
By Melissa Fares
March 26 (Reuters) – Ross Shops Inc ROST.O stated in a letter to distributors on Thursday it will cancel all merchandise buy orders by way of June 18 because of the impression the coronavirus has had on its enterprise.
“That is the primary time in our historical past that we’re unable to ship distinctive merchandise to our clients,” the memo, which was reviewed by Reuters, reads.
The Dublin, California-based low cost retailer operator stated it will additionally prolong fee phrases on all present merchandise payables by 90 days.
An organization spokesperson was not instantly accessible for remark.
Final week, Ross Shops introduced it will quickly shut all Ross Costume for Much less and dd’s DISCOUNTS places all through the U.S. from March 20 by way of April 3. A slew of different hard-hit, “non-essential” retailers even have been compelled to shutter retailers, together with Macy’s Inc M.N, Nordstrom Inc JWN.N and Nike Inc <NKE.N.
Virtually 489,000 folks have been contaminated by the coronavirus globally and over 22,000 have died, in response to a Reuters tally.
(Reporting by Melissa Fares in New York; enhancing by Edward Tobin)
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