NRF encourages all parties to work together to minimize the impact of Hanjin’s bankruptcy filing on the economy.
Hanjin Shipping recently filed for bankruptcy, and a number of retailers are concerned that this filing will impact the shipment of merchandise that is due to be delivered.
In response to Hanjin’s filing, the National Retail Federation issued the following statement from vice president for supply chain and customs policy Jonathan Gold:
“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 20-Foot Equivalent Units this month, down 0.6% 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 U.S. 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 that retail plays in driving innovation.
