Some retailers will find solace in a tactical bankruptcy or Administration. These businesses were stable and profitable before COVID-19. For many, it may be the only viable way to stave off the wall of creditors eager for payment.
Others, however, will continue to push through. They may implement cost and cash controls to help improve their management of working capital. They may sell off existing stock at discount prices to reduce their inventory overhang and generate cash. They may leverage government measures and pivot their business models in order to keep employees on the payroll and cash on the balance sheet.
Perhaps most importantly, they will likely be working collaboratively with their suppliers, landlords and creditors to restructure their current debts and develop new (and hopefully extended) terms of trade in order to fund an eventual restart. These conversations will not be easy.