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$13.86 Billion and Rising: Apparel Racks Up Skyhigh COVID-19 Credit Bill

The Rivet 50 is calling for nominations for leaders in the denim industry in 5 categories: design, influencer, leadership, sustainability and supply chain. Nominations close on May 23.

Sensing a catastrophic cash crunch as consumers hunker down to stop the spread of the coronavirus, retail and apparel firms drew down at least $13.86 billion from their credit lines in the recent weeks to ensure they can feed their ongoing operating costs. The $13.86 billion is just a fraction of the $98.94 billion that consumer…

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