During 2020 we have faced a myriad of new challenges.
Each of our brand, Tommy Bahama, Lilly Pulitzer and Southern Tide, positively contributed to the 52% year-over-year increase in e-commerce sales in the second quarter.
Lilly Pulitzer was the standout, up an extraordinary 142%.
To ensure excellent inventory control, an additional two-day flash sale was held in the second quarter, which generated $15 million from sales at a solid 40% margin.
Even absent flash sale, Lilly Pulitzer's e-commerce business grew 74% over last year.
In contrast to our e-commerce business, consumer traffic in bricks and mortar locations was understandably very challenged in the quarter, driving meaningful revenue decreases in our stores and restaurants.
Across all of our brands, we have only 187 full-price stores and restaurants with most located in premium, off-mall locations such as lifestyle centers, iconic resorts and resort towns and prestigious street fronts.
By the end of 2020 we will have closed approximately 10 locations, including five, which closed in the first half.
Our wholesale channel, which we have been strategically pruning prior to the pandemic and represented approximately 30% of our revenue in 2019, has been significantly impacted by current conditions in the consumer marketplace and the weakness of many retailers going into the COVID crisis.
As part of our plan to focus on only the strongest partners in this channel of distribution, we meaningfully reduced our exposure to department stores, which made up only 11% of our total revenue last year.
We ended the quarter with a strong liquidity position with over $30 million in net cash and over $250 million of availability under our credit facility.
The 36% decrease was driven by lower sales in our retail, restaurant and wholesale channels, partially offset by an increase in e-commerce.
Our gross margin was 55% in the quarter, down from 60% in the second quarter last year.
We're pleased with the cost-reduction efforts taking across Oxford as SG&A decreased 19% or $28 million.
It's important to note that in the second quarter we incurred $10 million on an adjusted basis related to credit losses, including the Tailored Brands bankruptcy, inventory markdowns and fixed asset and operating lease impairments.
Our adjusted loss for the quarter, which included these charges, was $0.38 per share.
We ended the quarter with inventory 3% lower than last year, despite the significant sales decline.
We have ample liquidity to meet our ongoing cash requirement, reflecting the strength of our balance sheet entering the pandemic, as well as the recent actions we have taken to mitigate the COVID-19 impact.
During March 2020, as a proactive measure to bolster cash, our cash position, we drew down on our $325 million asset-based revolving credit facility.
With strong cash flow, we ended the second quarter with $65 million of borrowings, $97 million of cash and unused availability of $257 million.
In our third quarter, which is typically our smallest quarter of the year, we're expecting the year-over-year decline in bricks and mortar traffic to be slightly less pronounced than it was in the second quarter.
As a result of the reduced traffic, a smaller flash sale and continued softness at wholesale, we expect year-over-year revenue to decline in the third quarter at a rate similar to that of the second quarter.
For the fourth quarter, while we don't anticipate a significant rebound in bricks and mortar traffic and wholesale, we believe we will move closer to break-even and expect to return to profitability in fiscal 2021.
Our Board has declared a quarterly dividend of $0.25 per share.

Summary:
During 2020 we have faced a myriad of new challenges.
In contrast to our e-commerce business, consumer traffic in bricks and mortar locations was understandably very challenged in the quarter, driving meaningful revenue decreases in our stores and restaurants.
Our adjusted loss for the quarter, which included these charges, was $0.38 per share.
We have ample liquidity to meet our ongoing cash requirement, reflecting the strength of our balance sheet entering the pandemic, as well as the recent actions we have taken to mitigate the COVID-19 impact.
In our third quarter, which is typically our smallest quarter of the year, we're expecting the year-over-year decline in bricks and mortar traffic to be slightly less pronounced than it was in the second quarter.
As a result of the reduced traffic, a smaller flash sale and continued softness at wholesale, we expect year-over-year revenue to decline in the third quarter at a rate similar to that of the second quarter.
For the fourth quarter, while we don't anticipate a significant rebound in bricks and mortar traffic and wholesale, we believe we will move closer to break-even and expect to return to profitability in fiscal 2021.
Our Board has declared a quarterly dividend of $0.25 per share.