Two additional retailers filed for bankruptcy last week. Tuesday Morning, a Dallas-based discount home-goods retailer with 687 stores in 39 states, filed for Chapter 11 bankruptcy protection on 27 May. The stores were shuttered by the economic shutdown but about 80 percent have now reopened and are showing sales roughly 10 percent higher than a...
Author: support
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DISNEY’S NEW WORLD, HOTELS HIGHER
The Disney Co. will reopen its Disney World theme park in Florida next month. The Magic Kingdom and Animal Kingdom areas will open on 11 July; EPCOT and the Disney Hollywood Studios portions will reopen on 15 July. Workers and guests will be required to be masked and submit to temperature checks before entering. Plexiglass...
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REMOTE WORK = COMMERCIAL BUST
More than 75 percent of employees working at home during the economic lockdown would like to continue doing so to some degree, according to a survey by the IBM Institute for Business Value, with more than half saying they would choose it as their primary way to work. More than 60 percent of corporate hiring...
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DEBT BOMBS AND PRICE CUTTERS
The owner of Miami’s 66-year-old Fountainbleu Hotel, an icon of glamour for much of its time, is asking lenders to suspend interest payments on the hotel’s $975 million in bonded debt because of “cash flow problems” since the hotel closed during the economic shutdown. The bonds, sold last November by Goldman Sachs, carry a $4.3-million...
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SLASHING JOBS: FLYING LOW, GOING SLOW
American Airlines, the world’s biggest carrier by passenger miles, announced plans to cut about 5,100 employees from its management and support staffs. “We will be a smaller airline with fewer flights,” said Elise Eberwein, American’s vice president for people and global engagement. Delta, the second biggest carrier, is offering buyout and early retirement incentives to...
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BUSINESS OWNERS GLOOM
Consumer spending continued to slump, more jobs disappeared, and few signs of economic recovery were visible, business owners told a U.S. Federal Reserve System survey in mid-May. Restaurants and stores remained mostly closed at the time but many have since begun limited reopenings in several states. In the Federal Reserve Bank of New York’s jurisdiction,...
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BARELY BACK IN BUSINESS
New York City, one of the hardest-hit COVID hotspots, is beginning to lift its economic lockdown, allowing construction, manufacturing, and “unessential” retail sales for curbside pickup to resume on 8 June. As if it would have any effect of the economic devastation that has destroyed so many businesses, New York Governor Andrew Cuomo, America’s newly...
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BROKE AND BUSTED: CAN’T PAY RENT
As unemployment benefits and federal support runs out, U.S. renters face a rising wave of evictions at a time when they have no savings to pay deposits on new places to live or rent if they move in. More than a third of Americans rent their homes. The majority of renters are low-wage workers with...
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LOCKDOWN LUNACY: ANXIETY & DEPRESSION ACROSS AMERICA
According to a new survey from the U.S. Census Bureau, about one third of Americans show signs of clinical mental health disorders as a result of the enforced lockdown over the past months. In early to mid-May, about one million households were contacted with 42,000 responses about how the coronavirus lockdown has affected employment, finances,...
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COVID FEAR & HYPE MORE DEADLY THAN VIRUS
As detailed and forecast in the Trends Journal, since the mainstream media began peddling COVID Hysteria this past January, and politicians across the globe seized on it by issuing unprecedented, draconian lockdowns based on unsubstantiated, non-scientific, made-up orders, we warned of the dire socioeconomic and geopolitical implications that are now unfolding. The riots ripping across...