A Florida toy importer braces for retail upheaval – By Rajesh Kumar Singh (Reuters) / May 26 2020
(Reuters) – Most U.S. states have begun to reopen their economies, but Jay Foreman, chief executive of Basic Fun, said he’s more worried than ever.
FILE PHOTO: Basic Fun CEO Jay Foreman and Care Bears costume characters stand in front of the company’s showroom at Toy Fair New York in New York City, U.S. on February 24, 2020. Ashley Mady/Basic Fun/Handout via REUTERS/File Photo
The Boca Raton, Florida importer sells toys to retailers like Walmart Inc (WMT.N), Target Corp (TGT.N), Amazon.com Inc (AMZN.O), TJX Cos Inc (TJX.N) and J.C. Penney Co Inc (JCP.N), many of which were forced to temporarily shutter their stores because of the pandemic-induced lockdown. About 30% of his customers are still closed.
Some U.S. customers have been unable to pay past bills to Basic Fun, but Foreman said his bigger concern is their worsening financial health.
“We are worried less about what they owe us today and more about what they won’t buy from us tomorrow,” Foreman said.
J.C. Penney filed for bankruptcy protection on May 15, with plans here to permanently close about a quarter of its roughly 850 stores.
Continue to article: https://www.reuters.com/article/us-health-coronavirus-usa-smallbusiness/a-florida-toy-importer-braces-for-retail-upheaval-idUSKBN23217T
