Macy’s aims to use real estate to free up cash
The department store chain would issue new bonds backed by certain property and other assets to bolster its liquidity.
Bloomberg News
Articles
Oil prices see record plunge, falling below $11 per barrel
Despite OPEC’s unprecedented output deal agreed a week ago, the oil market remains massively oversupplied as the lockdowns to fight the spread of the coronavirus reduce global crude demand by about a third.
Restaurants in ‘survival mode’ trim down their menu offerings
Offering less variety on their menus helps restaurants get by with fewer workers in the kitchen and makes replenishing food inventory simpler and cheaper.
Shake Shack gets funding, to return paycheck protection loan
The company was able to get extra funding late last week through an “equity transaction” and decided to “immediately return” the $10 million paycheck protection loan it obtained through the CARES Act.
Shake Shack, Potbelly among chains tapping small-biz funds
A review of regulatory filings shows that restaurant chains and companies in industries ranging from mining to manufacturing to cruise travel received large amounts.
Gamers may have a cure for distressed American shopping malls
With store vacancies at an eight-year high, retail landlords see the potential of gamers someday pouring out of their basements and into their shopping meccas as a kind of lifeline.
Fear of impending car-price collapse grips auto industry
The auto industry—already fretting lengthy factory shutdowns and depressed new-vehicle demand—is starting to sound the alarm about a potential used-car price collapse that could have far-reaching consequences.
Record bankruptcies predicted in next year as unemployment soars
New research from economists at three Federal Reserve banks shows coronavirus-related bankruptcies could rise by 200,000, reaching almost 1 million, unless government stimulus programs offset the increase.
Dow skyrockets 1,627 points on signs new virus deaths could be slowing
A worldwide rally gained steam on Wall Street on Monday, propelling major indexes up more than 7%, as traders cheered glimmers of hope that the deadliness of the coronavirus outbreak could be slowing in some of the hardest-hit areas.
Auto insurers return money to customers during ‘unprecedented’ driving slump
States across the U.S. have issued stay-at-home mandates to help slow the spread of the deadly coronavirus. That’s led to a decline of about 35% to 50% in driving in most states.
Abbott launching 5-minute COVID-19 test for use almost anywhere
The Chicago-based medical-device maker plans to supply 50,000 tests a day starting April 1.
Struggling Americans can tap 401(k)s with coronavirus bill
Lawmakers in Washington, D.C., are making it easier for Americans struggling with the fallout from the coronavirus to draw on the trillions of dollars in their 401(k)s and other retirement accounts.
Scooter companies pull out of cities worldwide amid pandemic
The appeal of sharing a high-touch vehicle with an unknown number of strangers has succumbed to the fear of viral transmission.
Small businesses fear delays in $350 billion rescue program
Getting the $350 billion in loans for small businesses in the record U.S. stimulus package into business owners’ hands before a wave of closures will strain the nation’s network of lenders and regulators as never before.
Dow Jones industrial average sees record point gain as investors await rescue package
The 11.4% gain was the Dow’s biggest since 1933. The huge jump was a sign of investor belief that Congress has no alternative than to pass a $2 trillion rescue of a U.S. economy that is on life support.
U.S. retailers plan to stop paying rent to offset virus closures
The U.S. relief packages being considered don’t directly address rents. But the Federal Reserve’s actions may give banks the leeway to defer mortgage payments, allowing property owners to delay rent.
Automakers preparing to produce ventilators, respirators
General Motors—which hopes to make ventilators in Kokomo—and Ford Motor Co. are among automakers that are throwing their design and production prowess behind two other manufacturers’ efforts to build more ventilators and respirators for health care workers and first responders.
Stay-home decrees crush small business, erasing millions of jobs
First came the order to close up. Then the laying off of staff. Now small-business owners across the U.S. are bleeding cash and wading through paperwork to get financial assistance.
Walmart hiring 150,000, starting parking lot virus testing
While retailers such as Macy’s Inc., Kohl’s Corp. and J.C. Penney have been forced to temporarily close their stores, others like Walmart and Costco Wholesale Corp. are experiencing a surge in sales normally seen around the holiday peak.
U.S. retail sales fell in February ahead of virus impact
The report suggests consumers had already begun to scale back on spending before the number of coronavirus cases in the U.S. began accelerating.