Retailers Slip After Apple Announces New Round of Store Closures

(Bloomberg) -- U.S. retail stocks fell on Friday after Apple Inc. announced a new round of store closures amid rising Covid-19 cases, fueling concern that companies that just opened up may have to start closing down again.

Apple said it will close 11 stores across Florida, Arizona, North Carolina and South Carolina. The company said it was taking the steps out of “an abundance of caution as we closely monitor the situation.”

The S&P 500 Retailing Index erased its gains after the announcement. Kohl’s Corp., Nordstrom Inc., Best Buy Co. and Dollar Tree Inc. all fell after posting gains earlier in the day.

On March 14, Apple was one of the first U.S. companies to announce the closure of stores due to the coronavirus pandemic. While cases have declined in populous states in the nation’s Northeast and Midwest, they’re rising sharply in states like Texas and Florida.

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