Robert Barnes | Getty Images J.C. Penney is in talks to secure financing for bankruptcy as the coronavirus pandemic has devastated the American retail industry, people familiar with the matter tell CNBC. The Plano, Texas-based retailer skipped a $12 million interest payment on April 15, starting the clock on a 30-day grace period that could
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Nordstrom announced earlier this week it will be permanently closing 16 of its department stores, after assessing each state that it operates in and the hit it is taking because of the coronavirus pandemic. The company today has 116 full-line stores, absent its off-price Nordstrom Rack locations and Trunk Club business. All of its stores have
A health worker processes a Covid-19 antibody test for a patient at the Diagnostic and Wellness Center in Torrance, California, on May 5, 2020. Valerie Macon | AFP | Getty Images Medical experts say that consumers will need to test themselves in huge numbers for Covid-19 at home in order for the economy to safely
A pedestrian adjusts his facemask while walking past a closed Artisan House restaurant in Los Angeles on May 7, 2020. Frederic J. Brown | AFP | Getty Images The Covid-19 pandemic continues to disrupt economies and lives in ways we never could have imagined. But the world won’t stay on lockdown forever. We asked public health
The April jobs report is due to be released at 8:30 a.m. ET and it’s expected to show the worst job losses ever reported as coronavirus restrictions shuttered businesses for the month and put millions out of work. State officials are now attempting to thread the needle between reopening parts of the economy and preventing
Paramedic Randy Lilly, wearing personal protection equipment (PPE), tends to a 10-month-old boy with fever while riding by ambulance with the infant’s mother to Stamford Hospital on April 04, 2020 in Stamford, Connecticut. Fever is a common symptom of COVID-19, although cases with young children are relatively rare. The child’s status is unknown. John Moore
A Kohl’s store in San Rafael, Calif. Getty Images Kohl’s is better positioned than its mall-based, department store peers to emerge from the coronavirus pandemic and draw customers back to shop, according to its CEO. Why? It boils down, in large part, to real estate. “We have always talked about our off-mall [stores] being a strategic
Couples wearing face masks amid concerns over the COVID-19 novel coronavirus walks through a market in Seoul on April 22, 2020. Ed Jones | AFP | Getty Images The tulips were blooming in Seoul and Dr. Jerome Kim was strolling in his government-issued KF-94 mask with his wife when he got a text message alerting
General Motors said Monday that it is suspending its quarterly dividend and stock buybacks to preserve cash during the coronavirus pandemic. JEFF KOWALSKY | AFP | Getty Images General Motors is taking steps to shore up its balance sheet as the coronavirus keeps plants shuttered and auto sales depressed, the company said Thursday. The company is
Visitors watch fireworks explode over the Shanghai Disneyland castle at an event to mark the first anniversary of the opening of the park. STR | AFP | Getty Images In less than a week, Disney will reopen its Shanghai theme park, offering up a glimpse to the rest of the theme park industry of what
Flight attendants talk in a nearly empty cabin on a Delta Airlines flight operated by SkyWest Airlines as travel has cutback, amid concerns of the coronavirus disease (COVID-19), during a flight departing from Salt Lake City, Utah, April 11, 2020. Jim Urquhart | Reuters A lobbying group representing U.S. airlines on Wednesday said federally mandated
Ground staff load baggage on a United Airlines airplane at Newark Liberty Airport on March 23, 2018 in Newark, New Jersey. Gary Hershorn | Getty Images United Airlines on Wednesday tried to soothe labor tensions by making some mandatory schedule reductions voluntary, after a union sued, alleging the company was violating the terms of billions of
Beyond Meat posted better-than-expected earnings for the first quarter Tuesday but warned that it saw a drop in sales at the end of March as the coronavirus pandemic shuttered restaurants around the country. Given the uncertainty regarding restaurant sales, the company withdrew its earnings forecast for the year. “I am proud of our first-quarter financial results,
Medical workers take in patients outside of a special coronavirus intake area at Maimonides Medical Center on May 04, 2020 in the Borough Park neighborhood of Brooklyn, New York. Spencer Platt | Getty Images The coronavirus that emerged in Wuhan, China over four months ago has since mutated and the new, dominant strain spreading across
The Wendy’s Co. logo is seen on a cup displayed for a photograph at a restaurant location in Daly City, California. David Paul Morris | Bloomberg | Getty Images Nearly a fifth of Wendy’s U.S. restaurants are out of beef, according to a Stephens Inc. study. Stephens analyst James Rutherford said that a study of online
Gavin Newsom, governor of California, speaks during a news conference in Sacramento, California, on Tuesday, April 14, 2020. Rich Pedroncelli | AP | Bloomberg via Getty Images California Gov. Gavin Newsom on Monday said some of the state’s retail businesses could begin reopening with modifications by the end of this week if certain criteria are
Pharmaceutical companies continue to make headlines as governments and investors hang their hopes on a steady recovery from the Covid-19 pandemic. Gilead Sciences CEO Daniel O’Day said Sunday the company would be donating its entire supply of remdesivir to treat coronavirus patients. Roche Chairman Christoph Franz said the drugmaker will invest more than $437 million in a
A General Electric GE9X engine is pictured on a Boeing 777X airplane as it taxis for the first flight, which had to be rescheduled due to weather, at Paine Field in Everett, Washington on January 24, 2020. Jason Redmond | AFP | Getty Images General Electric‘s aviation unit revealed plans on Monday to slash its
A shopper wearing a protective mask returns exits a retail store in Cleveland, Mississippi, U.S., on Thursday, April 30, 2020. Some retail stores began reopening at half-capacity in Mississippi after the stay-at-home order expired on April 27. Rory Doyle | Bloomberg | Getty Images We’ve been socially distancing for weeks now, riding out the coronavirus
States across the U.S. are reopening after coronavirus-enforced lockdowns while protests erupted in places where stay-at-home rules remain in place. In states like California and Michigan, groups demanded the easing of restrictions. A big week of earnings are in, and tech giants Apple, Alphabet, Amazon, Facebook, Microsoft and Tesla have all reported, providing a first