Tuesday, March 31, 2020

L.L.Bean CEO says Congress must do more to address ‘serious’ retail crisis

Many U.S. retailers are facing a financial shock from the coronavirus that has yet to be fully addressed by Washington lawmakers, L.L.Bean CEO Stephen Smith said Monday.

“I think it’s a really serious situation, and I actually don’t think it’s getting enough attention,” Smith told CNBC’s Courtney Reagan on “Power Lunch.”

Smith said his concern was concentrated around “middle market retail” — not companies selling essential goods like groceries or small mom-and-pop stores. . . . more