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As Companies Drawn Down Cash, Analyst Sees Retailers Operating for ‘Months’

As the coronavirus continues to wreak havoc upon the global economy, consumer discretionary companies — led by the auto industry, hotels and fashion apparel — are drawing down cash to stay liquid. According to a report by S&P Global Market Intelligence, drawdowns in March were $154.79 billion with consumer discretionary companies representing 63.9 percent of the total. The report follows news of major companies furloughing workers and cash-strapped retailers asking landlords for rent relief. The S&P report expects corporate borrowing to surge as companies “shore up cash.” The report noted that General Motors Co. “drew down about $16 billion from its revolving credit facilities, while rival Ford Motor Co. also borrowing $15.4 billion against two lines of credit.” In the tourism and hospitality industry, “Carnival Corp. & plc borrowed $3 billion under its revolving facility, marking the largest withdrawal among these companies.” In fashion apparel and retail, the firm said L Brands Inc., Foot Locker Inc., Guess Inc. and The TJX Cos. Inc. “have also tapped their credit lines.” The report did not detail the exact amounts drawn down by these companies. In a separate report by financial management consultancy firm, The Lamy Group, COVID-19 is triggering an overwhelming number of calls by retailers

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