Record Bankruptcy in US
- 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 pandemic, 12 years of efforts were destroyed in 6 weeks.
- Even Starbucks also announced to permanently close their 400 stores.
- WeWork isn’t in a great spot either
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…
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