Retailers appealed to the President and the Government for support
Russian retail companies in the non-food sector sent a letter to Russian President Vladimir Putin and Russian Prime Minister Mikhail Mishustin aleatherg for business support in the current crisis.
The appeal indicates that the situation with the global coronavirus pandemic and forced quarantine in Russia will result in significant financial problems for most non-food retail companies. For fashion retailers, which find themselves in a situation of almost complete no sales in the next two to three months, the situation is aggravated by the seasonal nature of the business and the lack of working capital to finance the next collections. So, according to the most optimistic forecasts, network retail will not be able to recover in the next six months.
Retailers are asked to take measures to support retail, outlined in the letter of the Head of the Ministry of Industry and Trade, Manturov D.V. dated March 27, 2020.
Measures to support financial stability: To instruct the CBR to develop mechanisms for preferential refinancing of loans to owners of commercial real estate and companies in the consumer sector. Consider the possibility of subsidizing interest rates, as well as a moratorium on claims by banks for early repayment of loans issued before the end of 2020, as well as a moratorium on bankruptcy claims by all creditors. Provide a mechanism for deferring the payment of interest on loans until the end of 2020 with their subsequent capitalization.
Introduce by the end of 2020 a deferral of VAT and income tax payments, as well as a moratorium on the calculation of income tax and contributions to extrabudgetary funds.
Consider the possibility of providing interest-free loans for up to 10 years to retail companies, catering enterprises and service industries in the amount of 20% of the amount of taxes paid by such companies for 2019 (VAT, income tax, income tax, duties). It is assumed that this way of support will provide transparent distribution mechanisms in proportion to the contribution of companies to budgets of various levels.
Measures to support employment: When making regulatory decisions leading to the downtime of enterprises, provide for co-financing the cost of downtime for employees of such enterprises in the amount of 1/2 minimum wage. To establish for the period of the epidemic the right of the employer to leave part of the staff on forced leave for a period of up to 6 months with the sending of lists to the social protection authorities for the payment of special monthly allowances by the state and with the right of the employee to retain his post upon completion of the leave.
Measures to regulate lease relations: Declare a COVID-19 pandemic as a force majeure event that allows us to review lease agreements in accordance with Articles 401 and 451 of the Civil Code of the Russian Federation. For the period of the epidemic, reduce rental payments in proportion to the decrease in revenue in the rented premises relative to the same period in 2019. In order to limit the spread of infection through circulating banknotes, legislatively limit the cost of merchant acquiring to a minimum level.
The letter also notes that small and medium-sized businesses are often buyers of large retail franchises, their share in retail trade is about 50%. Lack of state support will lead to the bankruptcy of most companies, both small and medium-sized businesses, and large companies. “In the absence of proper measures, the crisis will inevitably lead to a reduction in demand, bankruptcy of companies, non-payment and delays in wages and a sharp reduction in employment. The budget will lose more than a trillion rubles of lost revenue in the next 2-3 years. All this will significantly worsen the standard of living of the population, including due to the inability to access vital goods and services, due to their shortage and a sharp increase in the price level, ”the statement says.
The letter was signed by the first persons of 49 Russian fashion retail companies, including retail operators developing such well-known brands as Econika, CCC, NO ONE, Rendez-Vous, Tamaris, Ralf Ringer, Tervolina and others.
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