Retailers Working to Minimize Disruption from Hanjin Bankruptcy
The National Retail Federation today issued the following statement from Vice President for Supply Chain and Customs Policy Jonathan Gold in response to this week's bankruptcy filing by Hanjin Shipping:
"Retailers' main concern is that there is millions of dollars worth of merchandise that needs to be on store shelves that could be impacted by this. Some of it is sitting in Asia waiting to be loaded on ships, some is already aboard ships out on the ocean and some is sitting on U.S. docks waiting to be picked up. It is understandable that port terminal operators, railroads, trucking companies and others don't want to do work for Hanjin if they are concerned they won't get paid. However, we need all parties to work together to find solutions to move this cargo so it does not have a broader impact on the economy.
"There are more questions than answers at this point, but retailers are working to get all issues addressed. Retailers are working with all of their service providers to find ways to get their cargo moving to ensure that there is no or limited interruption in the supply of merchandise."
The Hanjin bankruptcy comes as the Global Port Tracker report published by NRF and Hackett Associates forecasts that major U.S. retail container ports will handle 1.61 million Twenty-Foot Equivalent Units this month, down 0.6 percent from the same month last year.
NRF is the world's largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation's largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans. Contributing $2.6 trillion to annual GDP, retail is a daily barometer for the nation's economy. NRF's This is Retail campaign highlights the industry's opportunities for life-long careers, how retailers strengthen communities, and the critical role retail plays in driving innovation. NRF.com
National Retail Federation
Robin Roberts, 855-NRF-PRESS