So it's fair to expect that the companies with strong balance sheets, well-known brands and developed digital offerings should be able to navigate the crisis. Spain's Inditex SA, owner of the Zara chain, fits the bill here. By contrast, those companies that were already struggling, or burdened with large borrowings, will be particularly challenged by the first phase of containment. As I have noted, the U.S. department stores look particularly susceptible to shuttered stores and shell-shocked shoppers. On Monday, Bloomberg News reported that Neiman Marcus Group Inc., the luxury retailer that has been struggling to ease its $4.3 billion debt load, was mulling options that could include a bankruptcy filing. And another Bloomberg report said J. Crew Group Inc. is suspending the initial public offering of Madewell, its most popular brand, a move necessary to cut its borrowings.