Jim Cramer: High-End Mall Stocks Can Survive Coronavirus Pandemic
With millions of Americans stuck at home, a trip to the mall is out of the question as cases of the coronavirus top 840,000 in the U.S. alone.
So, how are the malls?
Jim Cramer wrote in his Real Money column Wednesday that it's not looking good for the mall.
"It's not the department store that's dying. It's the whole mall! We keep hearing that it's Macy's (M) or J.C. Penney (JCP) or Neiman Marcus or Kohl's (KSS) or Nordstrom (JWN) that are in trouble. Well, no kidding. They are disasters. I can't believe how quickly it took for them to falter," wrote Cramer. "Neiman's was dumb enough to take down a lot of debt and go private, something that has been the kiss of death for so many retailers. Macy's is seeking $5 billion to save itself. Bond salespeople are amazing. They can wine and dine anyone into buying anything. But I this era of Covid-19, can they zoom anyone into anything? I guess so. People bought Penney bonds not that long ago when that seemed -- and was --pathetic. But there is simply no way any investor should buy those bonds unless it turns out that the president has a soft spot for his old partner."
Watch the full video above for Cramer's full take.
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