Isetan Mitsukoshi, the Japanese department-store chain are likely to report its first loss over a single financial quarter in eight years. The chain expects to losses of ¥5–10 billion (US$46.6–93.2 million), reflecting the impact of the ongoing coronavirus pandemic.
The department stores were hit with a forty percent sales drop in March. Currently the future for the retailer remains unclear, as it is yet to be seen if and how rapidly customer behaviour will return to normal following the pandemic. In preparation for an uncertain period, the firm has been stocking up on cash and is currently negotiating with banks for further financing.
