Insolvency practitioners believe more retailers will follow the lead of retailers such as PAS Group – which appointed voluntary administrators last Friday – and Jeanswest, Tigerlily and Bardot, which collapsed earlier this year but have since been returned to their owners after closing stores, exiting leases, cutting staff and slashing overheads.
Mr Stewart and Mr Longley said government support packages put in place during the pandemic, including JobKeeper wage subsidies, the six month moratorium on insolvent trading laws and the code of conduct for landlords and small and medium sized tenants had helped many retailers avoid collapse.
Mr Longley said the administrators were assessing sale and restructuring options, but had no current plans to close any of PAS Group's 225 stores, which had recently reopened as lockdown laws eased, and would continue to trade to sell winter stock ordered before the pandemic.
The change long has been sought by politically active conservative groups and powerful Republicans such as Senate Majority Leader Mitch McConnell of Kentucky, who have said disclosing the information -- even just to the IRS -- could subject contributors to harassment.
The change affects a wide swath of highly visible tax-exempt organizations across partisan lines, ranging from trade groups, such as the US Chamber of Commerce, to politically active nonprofits like the NRA, Planned Parenthood Action Fund and parts of the network aligned with Kansas billionaire Charles Koch.
Key groups at the center of November's presidential election also operate as tax-exempt organizations and would no longer have to disclose their major donors to the IRS.
The names of donors to these politically active organizations have never been available to the public, but the groups disclosed them to the IRS on their annual tax returns.