No-one is escaping the effects of COVID-19, whether physically, emotionally, or financially. Although those with the most money and resources will obviously hoard the best care and supplies for themselves leaving the majority scrambling, this will hopefully be something that brings us together rather than drives us apart.
Not only are all individuals in the tight clutches of this pandemic; major companies, their employees and shareholders are also trying to patch up sinking ships. The Business of Fashion has reported that Nike could be facing revenue losses of $3.5 billion USD in Q4 2020 due to the widespread impact of COVID. Because of the pandemic, Nike has since closed all US stores, as well as most in New Zealand, Canada, Australia, and Europe. Coronavirus will reportedly be responsible for the estimated loss of billions of dollars, causing a 34% decline in the company’s revenue. Since the beginning of this year, Nike has lost a third of the value of its stocks, and London-based Woozle Research predicts Nike to lose more than $5.5 billion in revenue in the next three to six months.
