Apple re-closes some stores, raising economic concerns

  • Sunday 21, June 2020 10:43 PM
  • Apple re-closes some stores, raising economic concerns
Sharjah 24 – BNA: Apple’s Friday decision to close stores in four states with surging coronavirus cases highlights a question that other businesses may soon face: Stay open or prepare for more shutdowns?
Apple, like many other major U.S. retailers, shut down all of its U.S. locations in March. On Friday, it said it would shut 11 stores, six in Arizona, two in Florida, two in North Carolina and one in South Carolina, that it had reopened just a few weeks ago.

The move heightens concerns that the pandemic might keep the economy in the doldrums longer than expected. Those worries sent stocks on Wall Street lower. It’s not clear whether other retailers will follow en masse, although one analyst expects hard-hit stores to stay open unless forced to close by local authorities, The Associated Press (AP) reported.

Like many of the biggest players in the technology industry, Apple has been faring far better than most companies amid pandemic-induced recession. The store closures won’t put a significant dent in Apple’s sales, said Wedbush Securities Daniel Ives, but they are a worrisome trend.