Norway’s apparel retail industry has been hit hard by the epidemic
Affected by the new crown epidemic, 34 companies in the Norwegian apparel retail industry have filed for bankruptcy since March.
According to market research by the Norwegian Industry News, 7% of all bankruptcy filings in April 2020 were related to clothing stores, a significant increase from 1% in the same period in 2019. According to data from the Federation of Norwegian Enterprises (Virke), compared with March 2019, the turnover of clothing, shoes, and leather bags fell sharply by 55% in March 2020, and the apparel industry’s cumulative losses in April reached 25%.
Bror Stende, industry manager of Virke, said that most of the companies filing for bankruptcy are individual stores that rely on suppliers, and chain companies with production to retail functions are less likely to file for bankruptcy.
In addition, due to the new crown epidemic, the number of members of the Norwegian Industrial Association (NHO) and trade unions has increased.
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