MEMPHIS, Tenn. (WMC) - Getting goods in and out of China has been difficult since the Coronavirus outbreak.
It has even disrupted the operations of companies like FedEx.
News that the spread of the disease could soon turn into a pandemic has some folks in Memphis on edge, including people in the hair industry.
“I custom make wigs, hairpieces,” said Charise Cook, owner of Saachi Hair.
For Cook, hair is her livelihood and her livelihood is directly related to what's happening overseas.
“The hair itself I source from Southeast Asia,” said Cook.
Cook says she places overseas orders weekly. In early February she got a notice from FedEx saying they had to temporarily suspend shipping due to the spread of coronavirus.
Cook hasn’t gotten any new hair shipments for more than six weeks.
“It had a huge affect. I was able to source some things locally, but of course that’s a major price difference,” said Cook.
The coronavirus is affecting small business owners here in Memphis and on Wall Street. The Dow dropped more than 1,000 points, experts blaming the spread of the coronavirus.
“So naturally it breeds some fear. In the presence of that fear people sell the investments they have,” said Floyd Tyler, President and Chief Investment Officer with Preserver Partners.
Tyler says the coronavirus could have a real economic impact to everyone.
“China supplies the world in many respects, so as those supply chains shuts down it has global implications for global companies,” says Tyler.
Coca Cola says the disease has disrupted its artificial sweetener supply from China. Also, many toy companies are preparing for a big hit to their supply as well.
But it's individual portfolios that Tyler says most people will see immediately.
“Well, I wouldn’t take any take any rash action,” said Tyler.
Tyler says that’s especially true for long-term investors, but new investors may want to be a little more cautious. However, for small business owners like Cook who need supplies now, she’s just looking for relief sooner rather than later.
Cook says FedEx has begun shipments again from the area of Asia that she receives her hair from, but she says she still hasn’t gotten any product.