From mid-March to early April, US department store chain Dillard's had closed all its 285 stores and began to furlough workers. This month, it has begun reopening stores, including 125 Dillard's stores and 24 clearance centers, operating the open stores at reduced hours.

"COVID-19 has impacted every aspect of our business," Dillard's chief executive officer William T. Dillard 2nd said in a statement. "The mall business in general and department stores, specifically, have been particularly hard hit," he said. "While our balance sheet was already strong, we took decisive — sometimes difficult — actions to preserve liquidity and ensure our long-term viability. As we reopen stores, we see positive things happening. We believe people are ready to get out and shop. We are hoping this is the start of better times."

In its first-quarter earnings release on 14 May, the Little Rock, Ark.-based department store chain reported that its total retail sales in the roughly three months that ended on May 2 had dropped by 47% to the previous year. The retailer said it experienced a net loss of $162 million in the first quarter, compared to a net income of $78.6 million the same time last year.

full wwd article: Dillard's Takes Stock of COVID-19's Impact

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