Retailers shouldn’t count on Mnuchin’s or Trump’s help

Many retailers are caught between a rock and hard place as their businesses suffer from the coronavirus pandemic. Many are too big to qualify for the government’s Main Street lending program, while their debt levels make it difficult to qualify for Primary Market Corporate Credit Facility. The result is that a large number of specialty clothing retailers and department store operators are looking at alternatives, including bankruptcy, to find a way out of the current morass. Last week, the National Retail Federation sent a letter to Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell calling on the government “to take steps now to ensure that our nation’s largest retailers can rely on the same economic support programs that have been made available to America’s small businesses and largest corporations.” So far, the Trump administration has not responded affirmatively to NRF’s request.