When a key supplier stops their operations, it's important to quickly seek out alternative suppliers to ensure your retail functions continue smoothly. Start by assessing your current inventory levels and keep your customers informed about any possible shortages. Look into temporary product alternatives whenever possible. Utilize data analysis to identify and prioritize the essential items that need restocking from new suppliers. Additionally, think about long-term strategies to diversify your supplier network and minimize risks in the future.

To maintain a smooth supply chain, identify alternative suppliers, evaluate inventory, communicate with stakeholders, negotiate interim solutions, diversify suppliers, review contracts to mitigate risk, and temporarily increase inventory levels from alternative suppliers. These steps will help maintain control amidst supplier shake-ups and ensure smooth operations.

Firstly conducting a regular risk assessment around the supplier could have help to mitigate this from happening. Immediate action would be to identify the key products that are affected and analyse current inventory. Ensure key stakeholders within your organisation are aware of the potential risks and impact. Once the impacted products are identified find alternative suppliers. Clearly state the product requirements such as the specifications or protocols. Negotiate the delivery, payment, and price terms. To mitigate future occurrence of such have tier of suppliers and ensure regular open supplier relationships & risk assessment is conducted.