Diane von Fürstenberg Lays Off 75% of Staff, Closes All But One Retail Store amid Coronavirus: Report

Many fashion retailers, which were already struggling before the crisis, have been especially hard-hit as customers remain focused on buying essential items. And with social distancing measures still in place in certain areas of the country, many stores will continue to suffer and face uncertain futures.

"Then there is the trend of more shopping going online and retailers having way too many physical stores. Now with COVID-19 in the mix, it is really going to accelerate the trends with more store closures and ultimate failures," David Berliner, partner at accounting firm BDO, told Forbes last month. "Bottom line, I expect there will be fewer retail chains surviving post-COVID-19 and the surviving chains, particularly apparel and other mall-based specialty stores, will reduce the number of brick & mortar store locations."

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