If you have a job and your company is still operating, you have to be very grateful
- Victoria’s Secret declared bankruptcy.
- Zara closed 1,200 stores.
- La Chapelle withdrew 4391 stores.
- Chanel is discontinued.
- Hermes is discontinued.
- Patek Philippe discontinued production.
- Rolex discontinued production.
- The world’s luxury industry has crumpled.
- Nike has a total of $23 billion US dollars preparing for the second stage of layoffs.
- Gold’s gym filed for bankruptcy
- The founder of Airbnb said that because of the pandemic, 12 years of effort were destroyed in 6 weeks.
- Even Starbucks also announced to permanently close 400 stores.
- WeWork isn’t in a great spot either
The list goes on and on…
See the US economy landscape :
Nissan Motor Co. may close down in USA
- Biggest Car Rental company (Hertz) filed for bankruptcy – they also own Thrifty and Dollar
- Biggest Trucking company (Comcar) filed for bankruptcy – they have 4000 trucks
- Oldest retail company (JC Penny) filed for bankruptcy – to be acquired by Amazon for pennies
- Biggest investor in the world (Warren Buffet) lost $50B in the last 2 months
- Biggest investment company in the world (BlackRock) is signalling disaster in the world economy – they manage over $7 Trillion
- Biggest mall in America (Mall of America) stopped paying mortgage payments
- Most reputable airline in the world (Emirates) laying off 30% of its employees
- US Treasury printing trillions to try to keep the economy on life support
- Estimated no. of retail stores closing in 2020 – 12,000 to 15,000. The following are big retailers that have announced closing:
- J. Crew
- Victoria’s Secret
- Bath & Body Works
- Forever 21
- Pier 1 Imports
- Destination Maternity
- A.C. Moore
- Art Van Furniture
- Olympia Sports
- K Mart
- Specialty Cafe & Bakery
and many many more
Unemployment claims reached an all-time high of 38+ million – unemployment is over 25% (out of 160 million of work force, close to 40 million are jobless). With no income, consumer demand is falling drastically and the economy will go into a free fall. This is just USA…
Under the weight of the new crown pandemic, many giants are facing the crisis of failure. 5 months of pandemic created a LOT of debt, and tens of thousands of companies went bankrupt.
If you own a business, your company is still out there, and there are no pay cuts or layoffs, so yourself a favor and treat your company and customers well.
Humans are facing a global pandemic that cannot be controlled. The second half of 2020, is the challenge of corporate strength and business relationships.
For many business experts around the world 2020 is about survival.
The Mazatlan Post