21. Best Buy
> Industry: Consumer electronics and appliances
Consumer electronics retail giant Best Buy is one of many brick-and-mortar chains that could potentially face bankruptcy during the COVID-19 crisis. Though the company reported a surge in sales of home appliances like freezers at the beginning of the outbreak, Best Buy reported a 5% decline year-over-year in sales for the nine-week period ending April 4, 2020. On April 19, Best Buy furloughed some 51,000 employees, implemented substantial executive pay cuts, and did away with several benefits for employees.
In mid-March, Best Buy suspended appliance installation service and reduced its physical location sales services to curbside pickup only. The company has yet to reinstate normal in-store shopping.
> Industry: Cosmetics
New York-based cosmetics company Revlon has reportedly been able to close a $1.8 billion refinancing package that would restructure most of its debt, according to The Business of Fashion. Revlon has been struggling with declining revenue during the coronavirus pandemic and in addition to refinancing, the company arranged a $65 million revolving credit facility in order to improve liquidity. Revlon also announced cost cutting measures, the majority of which will come in the form of layoffs. The company is one of many in an industry that has faced reduced demand even before COVID-19 has kept most Americans confined to their homes.
> Industry: Communication services
Gogo is an in-flight broadband connectivity provider based in Chicago. As nonessential travel has been effectively halted during the COVID-19 pandemic and airlines have grounded many of their planes, the company’s revenue has also taken a hit. As a result, in late April, the company announced plans to furlough 60% of its workforce — a total of about 600 employees. Executive pay at the company was also slashed. CEO Oakleigh Thorne said in a statement that these cuts were necessary to ensure the long-term health of the business.
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