Nicole Schuman, Content Manager, PRNEWS
COVID-19 continues to weave its way across the globe, bringing physical and economic sickness. Cutting off manufacturing and in-person shopping and browsing, the pandemic has brought an unprecedented downturn for retailers.
The retail sector is not a stranger to turmoil, enduring the continuous pivot of online shoppers and decline of foot traffic. Going to the mall is no longer an essential teenage or family activity, with new online entertainment and outlets launching virtually.
Passage of the federal CARES Act in March promised financial protection for many industries and their employees. However, certain industries cannot exist on this supplemental aid for long. Many are looking at filing for bankruptcy.
Companies do not take filing for bankruptcy lightly, since it can have an irreparable impact on a business’s reputation. And not all bankruptcies lead to a business closing, so the proper language and delivery is critical.
We spoke to financial communications pros Jennifer E. Mercer, partner, Paladin Management Group, and Douglas Hesney, EVP, corporate and financial services at Makovsky, to explore bankruptcy best practices. While there are numerous nuances in bankruptcy communication, best practices resemble standard PR principles, including alignment with strategic goals, consistency, clarity, authenticity and transparency.
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