American retailer J.Crew files for bankruptcy
J.Crew Group, which operates the J.Crew and Madewell brands, has become the first national US retailer to file for bankruptcy protection since the coronavirus pandemic forced a wave of store closures. The clothing retailer has filed to begin Chapter 11 proceedings in federal bankruptcy court in Virginia. The company also said it had reached a deal with its lenders to convert about $1.65 billion of debt into equity
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Walmart to spend $428 million on worker bonuses
Walmart said Tuesday that it will give another round of bonuses to hourly employees and close its stores on Thanksgiving Day. The big-box retailer said in a news release that it will spend about $428 million on the bonuses to thank employees for working during the pandemic. Full-time hourly employees will receive $300 and part-time and temporary workers will get $150. The company will pay the bonuses on Aug. 20
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Another apparel brand files for bankruptcy after coronavirus crisis
The coronavirus pandemic has now claimed one of the country’s oldest and most prestigious retailers. Brooks Brothers, pioneer of the polo and uniform of the polished prepster, filed for bankruptcy on Wednesday, as it continues to search for a buyer. The biggest issue for the retailer was rent, and the pandemic torpedoed a sale process that began in 2019.
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1.48 million Americans filed for unemployment benefits last week
Jobless claims totaled 1.48 million last week as unemployment related to the coronavirus pandemic remained stubbornly high. Economists surveyed by Dow Jones had been expecting 1.35 million claims. While the weekly numbers remained high and were worse than expectations for the second straight week, the total of those receiving benefits continued to fall
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America’s largest car-rental company goes bankrupt
Hertz, America’s largest car rental company based in Florida filed for bankruptcy protection Friday, saddled with about $19 billion in debt and nearly 700,00 vehicles that have been largely idled because of the coronavirus. The company entered chapter 11 proceedings in the U.S. Bankruptcy Court in Wilmington, Del., hoping to survive a drop-off in-ground traffic from the pandemic and avoid a forced liquidation of its vehicle fleet
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