You really think the PE is still 2? Clearly the market doesn't agree.
I agree the sell-off looks overdone but no one knows for how long the store closures will continue and if it goes long enough it become a matter of survival. Even if stores reopen soon, sales will take time recover as not many people are chomping at the bits to go shopping for clothes. Pretty safe to assume that online sales are suffering too.
I guess if they don't have to pay rent or wages for a while they can survive but things will take a long time to go back to normal.
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