On April 13, California-based denim maker True Religion filed for bankruptcy, citing the strain on its finances from the ongoing pandemic. JCPenney today skipped a $12 million loan payment and has been reportedly considering bankruptcy, as has Neiman Marcus. At Macy’s, no debt restructuring is imminent, sources told Reuters, but the company has hired advisors as it explores ways to manage that debt. With large numbers of stores closed and shoppers prioritizing necessities, sales at many US retailers selling non-essential goods have plummeted. The situation is putting tremendous pressure on fashion companies, including many that were already suffering before the outbreak, increasing the risk of bankruptcies. Read more at Quartz.