VF Corp., owner of Vans, North Face, Dickies and other brands, said Monday it is drawing down $1 billion of its $2.25 revolving credit facility as a precautionary measure.

“The draw down strengthens VF’s cash position and effectively funds the company’s expected working capital requirements through the first half of fiscal 2021,” the company said in a statement. VF is currently in fiscal 2020, which ends March 31.

After the draw down, VF expects to have approximately $1.5 billion of cash on hand and approximately $1 billion remaining under the revolving credit facility.

Lots of companies are taking similar steps including Macy’s, which drew down all $1.5 billion of its revolving credit line last week.

Nordstrom announced Monday afternoon that it is taking the following actions:

Hawaii Requests Tourists Postpone Trips

Hawaii, a crucial market for the surf industry, essentially requested late last week that tourists stay away from the state at the moment.

“We want this action to send the message to visitors and residents alike that we appreciate their love for Hawaii but we are asking them to postpone their visit,” Governor David Ige said.

Hawaii is requiring that any visitors arriving on the islands or visitors returning home must self-quarantine for 14 days.

In 2018, visitors to Hawaii spent $17.6 billion in the state, according to the Hawaii Tourism Authority.

E-Commerce back up for Sanuk, Teva

While many brands and retailers are still shipping from their California distribution centers to keep e-commerce going, Deckers originally opted to close its distribution center in Moreno Valley after the Governor’s stay-at-home order.

As a result, some of the company brands including Sanuk, Teva, and Koolaburra have temporarily stopped taking e-commerce orders.

However, Deckers announced Monday it was reopening the distribution center after further consultation with authorities, which means e-commerce for Sanuk and Teva is back online.

Retailer H&M Considering Thousands of Job Cuts

Fast fashion retailer H&M said Monday it is considering laying off “tens of thousands” of employees temporarily to cut costs. It is also might permanently terminate some jobs as well, the company said.

Currently 3,441 of its 5,062 stores around the world are closed.

“We are doing everything in our power in the H&M group to manage the situation related to the coronavirus,” CEO Helena Helmersson said. “My hope is that we will be able to get operations up and running again as soon as possible and welcome back all our customers in all our 74 store markets. This is an extraordinary situation in which we are forced to make difficult decisions, but with every challenge there are also opportunities and I am convinced that we as a company – once we have made it through this – will continue to stand strong.”

Politicians and Experts Begin Debating Cost of Lockdowns

Private-sector economists are projecting the toll of the crisis will include 5 million lost jobs and $1.5 trillion in lost economic output.

That has some leaders, academics and even health experts beginning to question if the continued lockdowns are worth it if they cause a complete economic collapse, which also will become a public health crisis, according to the Wall Street Journal.

Meanwhile, Congress is still negotiating a rescue package that includes help for small businesses and other measures.

Even if approved, the real question is whether money can get in the hands of businesses fast enough given that many businesses – big and small – have no revenue coming in.