'Closeageddon' is how analysts at Jefferies are describing the retail store shutterings in the US.
With chains run by big names such as Nike, Apple and H&M closing doors, and icons including Macy's and Bloomingdale's joining them, the challenge facing the sector is worsening. In Ireland, retailers of every size are having to make the same difficult choices.
Adidas warned last week that the suspension of store trading in China would cost it about $1bn in lost sales. Add in closures across the US and Europe, and multiply that by the number of household names retreating, and the bill to the retail industry may be astronomical.
Stacey Widlitz of SW Retail Advisors estimates first-quarter revenue will be down by 50-70pc on average for global retailers. While sales are evaporating, overheads still need to be paid. This brings into focus the financial strength of parts of the global sector. Those that have been doing well for a long time, including Nike in the US and Industria de Diseno Textil SA (Inditex) in Europe, should have the resources to cope. H&M has little borrowing.
But many retailers were already struggling going into this crisis - think of some of the US department stores. Those trying to implement turnarounds, such as Victoria's Secret, which parent L Brands has agreed to partially sell, and Under Armour now face additional hurdles.
Gap has been trying to revive its namesake brand. At least its balance sheet is in decent shape. The same can't be said for the likes of JC Penney and J Crew Group, the private equity-owned clothing retailer that plans to spin off its Madewell unit to cut debts. With markets experiencing unprecedented volatility, there must be a question mark over this transaction, and maybe even the Victoria's Secret deal.
Retailers would ideally want to stand by staff for as long as they can. It may be hard to imagine at present, but when the virus eventually recedes and activity picks up, stores will need their workforces. Yet the pressures to cut back will be immense. The likely first move will be to reduce the temporary workforce.
Self-help measures are limited. Stock can in theory be moved from shuttered markets to those where there is still demand. The trouble is, with large swathes of Europe and increasing numbers of US cities in lockdown, the regions where non-essential shopping is even permissible are dwindling.
Speaking to suppliers about delaying orders, or even cancelling them, particularly if Asian manufacturers are experiencing backlogs, may provide some respite.
Where businesses operate from leased sites, landlords will have a role to play. Struggling tenants and mall owners need to have a grown-up conversation about whether payments can be deferred or rents reduced. With demand shifting from physical stores to online for the past decade, landlords are already bruised. But they are in this crisis together with retailers. The mall owners can ill afford more vacant lets.
Such measures will only go so far. The case for targeted government support is pretty clear. One possibility is cheap state-backed loans, as the UK announced on Tuesday. In practice, such support may end up helping firms that were already uncompetitive. That may be the price to pay.
Tax breaks are another option. Again, British retailers have long sought a reduction on property-based business rates, which they argue unfairly punish chains with large bricks-and-mortar estates. They just got a 12-month holiday from the tax.
On both sides of the Atlantic, arrangements are needed so that suppliers can still insure themselves against retailers going bust before they have settled for ordered goods.
If insurance firms pull cover, retailers may be forced to pay for stock up front, putting even more pressure on already strained cash flows.
Retailers, landlords and lenders will have to come to some accord with each other. Even then, they will struggle to get through this on their own.
The economic crash caused by Covid-19 is spreading even faster than the virus itself. By Monday morning, it was estimated that 140,000 people had lost their jobs in hotels, bars and restaurants in Ireland. Retailers and others now believe there will be another 200,000 by this weekend.