By  on March 26, 2020

It’s not just retailers that are canceling orders — manufacturers are also reaching out to their suppliers to cut back on purchases in light of the catastrophic drop in business over the past couple of weeks.

In reporting fourth-quarter and year-end results on Thursday afternoon, Thomas Chubb, chairman and chief executive officer of Oxford Industries, said that to preserve the company’s liquidity, “we are taking steps to mitigate the risk of the inventory increases by working with our suppliers to cancel, delay or reduce our forward purchases. We are also taking advantage of our strength in digital to re-merchandise and re-market our seasonal offerings for this channel.”

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