20 Burst results for "J. Crew Neiman"
"j. crew neiman" Discussed on Heartland Newsfeed Radio Network
"People's teeth being in their mouth, maybe their asymmetric covid person. So, there's a risk to the workers that's going to change whether people want to go back to those jobs, and finally there is the fact that incomes have changed. We're going to see lower household income and when there's lower household income people by less, some households may not even find that their income has declined, but there may be concerns that their income will that causes a lot of people to slam the brakes on their consumption. You can see how this might snowball the more that people are worried about earning money. The less they'll spend, which creates less demand for the jobs that people need to get back to work. But of course, supply and demand are elastic especially during the pandemic consider the demand for deep freezers. What we see is that people tend to buy fewer durable goods like a deep freezer when incomes decline. But people who are adjusting to a new level of risk seem to think that they'd like to be able to buy more of their groceries at once be able to put more things in the freezer be better prepared for not being able to get to the shops. Indeed, the sale of deep freezers is way up as urge spent all home and kitchen goods like pasta. Makers and soda, machines, and water filtration devices. So if you make those products, you still need employees but if you sell those products in a physical retail store, you don't going into a store physically now represents a level of risk that means that many people even if they prefer to shop in person will find that the benefits of shopping in person don't outweigh the new costs. Before the pandemic, there were nearly five million retail sales jobs. In the US, they were already under extreme pressure from online shopping and automation. Now that trend has been supercharged. Just. Take a look at some recent bankruptcy filings JC Penney. J. Crew Neiman Marcus macy's lewd most of its one, hundred, twenty, five, thousand employees. How many of those jobs do we think we'll come back A recent paper by the economists Jose Maria Barreiro Nicholas Bloom and Stephen Davis. Estimated that forty two percent of recent layoffs will result in permanent job loss. That sounds. Sounds terrible even if you think of yourself as an optimist. It sounds like the glass is at least forty, two percent empty. I.
"j. crew neiman" Discussed on KMOX News Radio 1120
"C. Penney J. Crew, Neiman Marcus Brooks Brothers, Big retailers all filing for bankruptcy amid the pandemic, and now Tom Busby, there could be another one joining the list. That's right this time. It's the owner of the men's warehouse and Joseph, a bank chains. It's Houston based tailored brands, which said it's now considering filing for bankruptcy because sales of suits and other men's wear continued to plummet amid the Corona virus outbreak shares the company tumbling 86% this year. On Wall Street. There's a lot going on right now, with a Fed kicking off a two day meeting on interest rates today and big tech names like Apple, Amazon, Facebook and Alphabet all posting earnings on Thursday. But our futures are lower right now. That's as the debate begins over the next federal corona virus stimulus package pitting Democrats against Republicans over the next few weeks, the US Mint sharply reducing the number of gold and silver coins and manufacturers. It's blaming the virus for a slowdown in production. And Planet Fitness will require all patrons at all. It's Jim's to wear a mask starting this Saturday. That's the same day. McDonald's requires masks inside its restaurants with the money report. I'm Tom Busby with Bloomberg Business on Saint Louis News radio. KMOX came Oh, excuse time is 6 20 Roger Brand in the steeple Traffic center. So far so good out there for most motorists. Thomas Traffic reports of service The Midwest money If you're travelling on 2 70 North County through the holes very still doesn't look bad seeing some restrictions, though, on 3 67th just north of a chamber, something Lewis and Clark north of Chambers. Obviously we have an incident. There's back up in both directions on Lewis and Clark of this time South found 61 north 61 of the quiver over work, So I'm just a little bit of a slowdown. They're no big deal. Eastbound Highway 30. They should be getting ready to get set up at local Hillsborough Road. Be advised of that If you're travelling on CC south of 67 South Festus, I'm still seeing delays on the South side and run down toward Murphy. Rope is just south of Murphy is where we had an earlier First alarm house fire, So it's obvious they're still cruise out on the scene. Still seeing a backup, not a too extensive but still delays between Queenie a Monsanto both directions under three. So congestion there and just avoid that area, you can westbound 55 71 57. Little heavy, eastbound 64 in evading area approaching 1 60 Just to be a little busy is of a moment ago. That could be a traffic stop this Midwest money three corners at Hampton and Holly Hills. First, there's Stay close asshole. It's going shop than their newest or Midwest money, Collectibles. And on the original corner, the great Model Railroad display you could see free the first Sunday of every month. Midwest Money. Three Corners isn't cash in the bank. Better scrapping the drawer. Next update at 6 30 from the steeple Traffic center some patchy fog in some areas this morning, but otherwise it'll be sunny today, not as human as it's been with a high near 90 overnight tonight below 74. Right now. It's just 72 downtown of the arch news continues at 6 22 The biggest test yet of an experimental covert 19 vaccine is underway this week with the first of some 30,000 Americans rolling up their sleeves to receive shots as part of the all out global race to stop the.
"j. crew neiman" Discussed on KLBJ 590AM
"Justice they have filed. Chapter 11. Protection doesn't mean they're going out of business. It just means the restructuring. CNBC reports its restructuring plans include closing all of its brick and mortar stores. In Puerto Rico, Canada and Mexico and some a handful in the United States and something off the rights to one of its brands. And Taylor joins a list of notable retailers, including Brooks Brothers, J Crew, Neiman Marcus J. C. Penney, filing bankruptcy protection all during this pandemic. Wow! Wow! Wow! Works, Brothers. Yeah, well, the's retail places you can't you can't go in and try things on well and then and not to mention it. With more people working from home. You don't need to go buy clothes for you. And then I was just thinking, Brooks Brothers, obviously, the occasions other than than funerals, Ah, fur to wear a suit or a view and far between right now, But weddings are being pushed back and all that. Obviously, you know, most of the majority people aren't going into the office. Don't you know everybody Khun Delay putting. Ah, buying a new suit for who knows how long so for example, Right now I hear what you just did. Not again. Nothing is untouched. Well, I mean, that's jobs. That's tax revenue for some cities. On. Yeah, it's it's a shot at the economy for sure they're gonna come back, though. I mean, they just have to reinvent themselves and do something different. I still don't understand why You could go to AA, You know, like, let's say at Nordstrom's or something which can't try things on in the dressing. Well, you know what I got? I got a text yesterday. We were talking about this a little bit yesterday and I got a text. I forgot to tell you from someone who just been Dillard and she indeed was able to try on clothes. So yeah. All right. So apparently so I guess some places you can sum you cannot Well, I mean, what are the guidelines? I mean, I thought we had some state orders here. Some guidelines on this. You know what I heard is a lot of clothes that you can try mon. But then if you don't buy them, they stay out of inventory. That's what it is a certain amount of time. So, therefore some places they're saying, Please don't try it on here. Yeah, because we have to put it in the back in the store room for a few days. Probably. Then put it back on the show you go. It may be just a manpower issue. Maybe so it is 7 26 Here in K. L. B. J. Todd and don show When you think about the 2008 downturn. The best news is you were 10 years younger. If there's one thing, investors have warned With today's markets, it's that you need to know how to protect your wealth from further losses..
"j. crew neiman" Discussed on The Financial Guys
"Group right by the way they have a convicted terrorist on their board fundraising board victim terrorist that Bill Clinton commuted her sentence on the last day of what he was office. She was serving fifty eight years now. She's on the board, but what you look at the the the the new agenda of black lives matter it's. We have to break down the nuclear family because we can all help each other. We need to rely on A. Collective, society crush the black community. How does that work down of the family structure? But how did that work in the autonomous zone? How does that work at shop rite all you got to work in the inner city and breaking down the family struck having dad there, but look at the autonomous zone. Right, you guys. That's their mission. was never attack. Rely on each other. Of course you. We're lying each other. Guess what what you rely on each other. That requires you guys to ward work. You want to rely on each other while you're. Sit Back. Do it drugs a drawing chocolate? That's right well. Putting the else pays your idea of putting up a poster board that says we need food pants, and what a good kind twitter joke, so here's what the Democrats are doing. New York and company joins a growing list of retailers filing for bankruptcy. Could close all stores for good right. Are Twa Retail was the parent company of the retail chain New York company announced Monday. It's filing for chapter eleven. Latest below this clause. Plus there was a restaurant in New York's new. Orleans Jefferson is the other day forty year like Dowa play. That was the place two hardest place you get a reservation. They're not making it through. They're falling one by one brooks brothers filed for bankruptcy last week. That what else we got here. Sterling table JC Penney pier one imports, J. Crew Neiman Marcus naming Dobie. One store left. It'll be well now. That's under the Amazon at. Walmart and yeah, exactly now now even Walmart is starting to make sure they're going to compete with Amazon, so they'll be a few big players left exactly what you left. Wing Liberals didn't want wanted to get rid of the big stores, and you wanted mom and pop shops to survive, and of course just like it always does government policy. The opposite is true. The opposite is true. We gotta talk about this to twenty-eight. Million will lose their homes. That's what the estimate is. Eight million people who let's talk about the economic damage, and by the way we've been saying this for a while, and we tweeted this to Poland cars. The other day Andrew Cuomo they've been looking at is a box. They've been looking at Cova as a political maneuver to try to gain you know ground against the trump and the right wingers. You're talking about twenty eight million people losing their homes in this country right? Do you think any of those folks are GonNa die of suicide, anxiety and depression. Do you think some of them will die of alcoholism as they've lost their home and everything they've worked for. By the way that's on your back the Democrats. That's that's that's on you. You know what you wanted to pin. Covid Flus the folks like me. Who never wanted to close on my back? You said Oh. You're going kill mom-and-pop. Well, guess what twenty eight million people can lose your home. That's on your back. That's on my back, so think about this folks. Let's talk about the economic damage from that okay twenty..
"j. crew neiman" Discussed on KYW Newsradio 1060
"Questions about daily updates about attempts for various sports to get going. Remember a few things. There's no covert free environment because even the best testing is not 100% accurate. Taking temperatures is a great tool. If a person is positive, recovered and fever happens to be a symptom of the time. Otherwise it's not 100% either. Although young people, including athletes are less likely to have serious complications from covert 19 if exposed, there's no way to predict if they will have problems finally. Of fans in the stands or not all wearing masks consistently when they cheer or yell. The virus will be propelled into the air. Neighboring fans will be sprayed, and the virus will also be heading mostly in one direction at the players in the center of the stadium. All this must be considered whatever the sport I'm Dr Brian McDonough came with a Viennese radio 25 time for money News on K Y W We check in with Tom Busby at Bloomberg after those big gains on Wall Street yesterday. Looks like they're taking one step back in the future sometime. Oh, yeah, they are ready to head back. That's after European Union officials predicted a slower than expected recovery over in Europe down futures now down 223 points, even though the NASDAQ begins the trading day. At a fresh all time high. As the economic impact of the Corona virus crisis worsened. US. Home prices are expected to fall pretty sharply over the next year. Corelogic now predicts a 6.6% overall drop in home prices through May of next year. The city that will suffer the worst Las Vegas They're expecting a more than 20% haircut in value. Their uber just unveiled a new grocery ordering and delivery service. Right now it's just available in select cities in Canada and Latin America. The service will hit the U. S. They say later this month. This comes one day after Uber agreed to buy Postmates, the food delivery service for 2.5 $1,000,000,000 commercial bankruptcy filings in the first half of the year, up a whopping 26% higher than they were in 2019. Think of those big names. J crew. Neiman Marcus J. C. Penney, Chesapeake Energy hurts. And Pittsburgh based GNC all filing for bankruptcy protection in just the last few months with money news from Bloomberg. Okay, Y w I'm Tom Busby. Thank you, Tom, while an argument over social distancing ended when the guy pulled out a gun that stories up next, it's a 27 Start the next chapter of your home story at Colonial marble and Granite shot the area's largest selection and find our lowest prices ever get a beautiful, fully installed.
"j. crew neiman" Discussed on The Journal.
"Hurts was successful, but in the early two thousands something happened to the company that left significant pile of debt, got bought by a group of private equity firms in two thousand and five, it was a publicly listed company, and it was acquired by a private equity firm that private equity firm paid around like five six billion dollars for it, and a lot of that was borrowed. Money and debt stayed on hurts as bound sheep. It stayed on hurts his balance sheet. Because when a private equity firm buys a company like Hertz and needs to borrow money to do. It is the company that gets bought that stuck with dead, not the private equity firm, and then the purpose of that is to presumably make the company more efficient, and then it like three to five years down the road for much more than the private equity firm paid for it. Private equity firm walks away. The company usually has a lot more dead on it, and that's what happened to hurts. When he got bought by private equity, it got saddled with at least four billion dollars in debt. It was far from the only company in this situation J. Crew Neiman Marcus, which both went bankrupt in May carry debt for years from private equity buyouts, so that alone didn't make hurts a risky company. But then as hurts entered the two thousand ten's executives realized they had a problem. Hurts realizes through this period that it is kind of the boat on a new customer, and that's low-cost customer. Expedia has happened travelocity all these technologies that allow consumers to shop around, so you have a lot more of these leisure customers. They're shopping for discounts and hurts it always been kind of a premier rental company. They didn't have a low cost offering so hurts decided to make a big move. It decided to acquire one of his rivals. The low budget car rental company dollar thrifty. So in two thousand ten. They realize okay. We think the dollar thrifty is a good by. This is going to be a good match for us. We'll get economies of scale out of it, and it'll be relatively rapid way for us to expand into the budget market. They offer in two thousand ten to pay one point three billion for the company, and then they get into bidding more with. With Avis and this this could be the pivot point for hurts a lot of the analysts that I spoke to. You said it was basically if they had bought the company for one point three billion and they had raised that to do that. Things might have ended up okay, but instead they did in this bidding more, and they end up hanged twice as much as they initially offered. Hurts had to borrow about two billion dollars to buy dollar thrifty. It entered the deal with about four billion dollars of debt. You would leave with six billion. They increase their debt by half roughly overnight like that, so their interest expense also went up significantly carrying that debt load financially is much more expensive, but the other issue is that they had kind of maxed out credit card at that point. Was it like they weren't going to be able to go back to investors anymore because they were already too risky, six billion dollars was kind of like the limit was what hurts was doing an outlier, or were they just one company among many that was piling on debt. Yeah I don't think they were an outlier. You know like two thousand twelve time period like the markets are starting to regain their animal spirits. The Fed has continued to keep interest rates low, and while there are some rumblings of concern about growth of debt and the junk debt market. It's kind of like everybody's doing it like when debt is this cheap? If you're a CFO, you should be borrowing, but by this point after the private equity deal after its decision to buy dollar thrifty hurts had borrowed pretty much all the money could. Stop taking on debt. It just had to find more creative way to do it..
It's official: U.S. recession began in February
"The United States officially fell into a recession back in February ending a historic one, hundred twenty eight month expansion before the coronavirus swept the country and put the economy into a tailspin. The National Bureau of Economic Research said the economy peaked before the pandemic force businesses and social activity into holding pattern recessions often referred to consecutive quarters of contraction, but the government's calculus also includes other factors like domestic production and employment. States and communities began issuing stay at home mortars in mid March and a new study published yesterday found that these moves prevented an. Sixty noon corona virus infections in the US obviously, though that came at a greater cost, great cost to our economy, more than forty million Americans lost their jobs well known brands like J. Crew, Neiman Marcus and hurts have all gone into bankruptcy, and though the nation's unemployment rate dropped officially to thirteen point, three percent in May versus fourteen point seven percent in April that reading comes with a big asterisk. The Bureau of Labor Statistics says that it miss classified data in May, April and March without those errors. The agency says the unemployment rate really would have been sixteen point three percent for May and nineteen point seven percent for April
Hertz files for bankruptcy amid pandemic
"Car rental company hertz has filed for bankruptcy here's reporter Tony Lopez a century old car rental company made it official today it's filing for bankruptcy protection hurts is billions of dollars in debt the pandemic that idled its global fleet of vehicles was the last straw hurts employs some thirty eight thousand people so far twelve thousand have already lost their jobs the company joins the likes of JC Penney J. crew Neiman Marcus and pier one companies that have sought bankruptcy protection during the
"j. crew neiman" Discussed on Marketplace with Kai Ryssdal
"Let's continue here with the theme of the day which is in essence how we doing eight weeks into the federal government's plan to rescue this economy on the last day of March this year. Four days after the cares act became law. We got together a group of people who study economic history. All right I got out of the kitchen. Hold on who like the rest of us were and are working from home is spent this morning inside a couch fort constructed by my six year old daughter both my husband and I sort of trying to figure out the schedule so that we watch our son at different points. In the Day Jeff. Lean Day is a Johns Hopkins. Panelists number two. Was Eric Hilton. He's at Wellesley in panelists. Number three was Corolla Friedman at northwestern and we hit ask them to us back in economic time. The reason that the Great Depression was the Great Depression was that the financial system essentially melted down and for the most part. The Fed did very little to try to stop that banks by the hundreds by the thousands of forced to close. It didn't act as a lender of last resort to many banks financial system. Quake Action Tatas. So what we've learned from that is that you need to be able to bail out banks so that banks can keep on lending and restore confidence. They'd given us a couple of things. Keep an eye on. If we want to understand this crisis as of course we do unemployment. Of course and employment claims. The unemployment rate credit delinquencies credit market said it. Credit for small businesses significant Amtra lung deflation and bankruptcies so here we are eight weeks later and our panel is back. Hello hello everybody. It's good to be back. Hang on hang on. Hang on how we doing. Honestly I feel like I've done nothing but the dishes of the past eight weeks. Yes same here but the economic crisis. I think it's worse than expected as bad as I possibly imagined possibly worse. I think we're starting to see some of those indicators with these guys moving in more dangerous own okay Y. The most obvious one is that being increasing unemployment the most recent unemployment rate that was announced last month and it was fourteen point seven or fifteen percent. Those are levels that we haven't seen since the Great Depression unemployment during the Great Depression topped out at about twenty five percent ten percent during the great recession. We're now today at almost fifteen percent and we did incredibly fast. At least twenty one million jobs have been lost in something less than the past two months. It's the quickness and the severity. That is quite remarkable about this crisis. It totally is and yet. Financial markets are doing remarkably. Well still haven't seen massive strain in financial institution and. I think the reason for that has been the Fed incredibly aggressive response since this crisis started the Federal Reserve is taken steps that could wind up putting more than six trillion dollars into this economy. There has been a lesson learned from Degrade Depression. So that's good now. That other warning sign. We mentioned up top bankruptcies corporate bankruptcies yes there have been some big brand names that you know J. Crew Neiman Marcus. Jc Penney were nowhere at the level that we saw during the great recession. But I think those may end up being up later. And that's where you could start to see more lasting damage to recap our three indicators. Unemployment is bad and will likely get worse. Credit markets. Look okay so far. Companies can still borrow when they need to bankruptcies. Well we'll keep an eye on them. So what have we learned the past eight weeks? It's certainly the worst economic downturn of my lifetime month ago I wouldn't have said it will get as bad as the great depression because the factors that have caused. This are so different but now I'm not so sure I'm optimistic. Want my expectation is that he will not be another Great Depression. But the fact is there's just so much uncertainty. There is though one thing we do know. It's big it's terrifying. It's continuing to sink in and it will only be well after the fact that it's full significant is understood in other words and as with most things we will understand this crisis. Once it's in the history books to thanks again to our panelists Carl Friedman she's northwestern Kathleen Day at Johns Hopkins and Eric. At wellesley.
"j. crew neiman" Discussed on 10 10 WINS
"Still ninety seven cents lower than a year ago when prices averaged two eighty six I actually after undergraduate student security are demanding a tuition freeze saying their personal finances have been strained due to the economic impact of corona virus the keyboard last December approved a new one hundred twenty health and wellness fee and a two hundred dollar annual tuition for four year colleges and community colleges during his meeting yesterday students called on CUNY to find ways to provide them with the resources to be able to finish their education on time instead of adding another financial burden chancellor of Felix Matos Rodriguez tells New York one no decisions have been made about tuition for next year the CUNY board meets next month to approve its twenty twenty budget pier one pulling up anchor permanently correspondent Jim Ryan has detailed one has been around for almost six decades but trouble was on the horizon long before coronavirus showed up the company filed for bankruptcy in February and begin the search for a buyer but after no one stepped up management decided that a total shutdown would be the best option one plans to sell its remaining inventory website and intellectual property but orders placed online will continue to be filled J. C. Penney J. crew Neiman Marcus have also filed for bankruptcy in the past few weeks sixty six degrees we have fair skies the humidity is twenty seven percent the winter now northeast at nine miles per hour sixty six we are headed down to fifty tonight in Central Park wins news time to thirty six we have some sad news about a former WWE star ten ten wins entertainment next thinking about life insurance what if you could make one free phone call and learn.
"j. crew neiman" Discussed on Pro Rata
"Well that's where we take ten minutes smarter on the question of Tech Business Politics Much Bridge. Bank be saved venture wisely. I'm diplomatic today. Show Democrat Slam. Uber's attempts to grab hub and facebook gets a pass on deal for gifty first misery at the mall so last Friday night one hundred eighteen year old retailer J. C. Penney filed for chapter eleven bankruptcy protection. This made it the third major retailer to do so this month following J. Crew Neiman Marcus and came just hours after report that. Us retail sales fell more than sixteen percent between April of last year April of this year with a big part of that loss coming in apparel now to be sure all three of these companies. Were already struggling before the pandemic just look at JC Penney. It launched a turnaround plan nearly a decade ago. Hiring Ron Johnson. The guy who created apple's retail stores but Johnson's tenure was a consensus disaster. And he didn't even last two years. Subsequent fixed didn't work either and the corona virus pandemic seems to have been the final nail in the company solvency coffin. The question now though is how or if retail can even come back particularly retailers. Either rely entirely or enlarge part on physical stores. Remember even a lot of the hottest Internet based direct to consumer brands have opened brick and mortar shops in recent years with consumers seeming more and more interested in the touch and feel experience. But right now we're all being told don't touch don't feel and it would seem that could put the entire shopping mall at risk with them all staring at JC Penney as the ghost of Christmas future. In twenty seconds we will go deeper with Fortune magazine Spill Wada. But first this bridge bank knows the INS and outs of business. Ups and downs and remains dedicated to providing financial solutions to sponsor back emerging technology and growth companies for nearly two decades through its national network banking teams and offices in tech hubs across the country including San Francisco Seattle Denver Chicago and Boston Visit Bridge. Bank DOT COM to learn more bridge. Bank is a division of Western Alliance Bang Bridge Bank be safe venture wisely. We're joined now by fortune senior reporter Phil Baba so Phil. Let's start here with J. C. Penney this is obviously a retailer that has been in trouble and struggling for quite some time. Is it as simple as corona viruses. The thing that pushed it over the edge well it might have been the tiny little push that was over the edge. But they've been headed this way for very long time. They've been up to their eyeballs debts. Sales have been plummeting for the last few years in a great consumer environment so blaming on Kobe. Nineteen is easy. You recently a piece on which retail chains hurting the most in reporting that out. What surprised you the most what what surprised me the most is. There are quite a few mall based retailers. That are doing very well. It's been easy when people say. Oh any store in a mall is GonNa hurt in fact to it really is basically the delineation is does. A company have products that people want that other retailers on offer. Does it have customer service at doesn't have a good friend of ECOMMERCE and store business and on those fronts? Jc Penney was not very good. But then you have somebody who lemon excellent on all three of those and they're driving Neiman. Marcus didn't count with that. I mean granted. It's obviously on the high luxury but neiman. Marcus didn't have that which is another company. That went bankrupt Neiman. Marcus we all think of it for its eight thousand dollar nine thousand dollar designer gowns but the reality is that a sold a lot of stuff that middle class upper middle class people would buy but they could also find Nordstrom bloomingdale's contract neuman. Marcus was not as special as it used to be. Forty four stores. That's a lot of source to fill with. You say that even when you look inside the mall that there are plenty of retailers that are doing okay because say differentiated product a good blend of online and physical retail that said in the age of Cova given it a lot of malls have been closed and still are closed. Are there a couple of retail? You're looking at is kind of the bellwethers in other words. The ones that we're doing okay. Pre Cova but if they either filed for bankruptcy or get close to that you suddenly say wait a minute. We don't just have struggling retailers like J. crew. Jc Penney going under. We've got a much much deeper. Systemic big problem. Well I wouldn't Nordstrom in there. I mean Nordstrom has been slightly limping. They're never been in mortal danger. They also a fantastic balance sheet but actually companies like Nordstrom Coles who've had their challenges but great balance sheets. They're not gonNA have great balance sheets coming out of this so that actually puts them in danger a bit further down the line. But you know company like Nordstrom which is extremely well-run which has great ecommerce which is Great. I struggled to win back customers. That could be a sign that this isn't just about pushing the weakest over the edge. Some strong people can follow her to wonder with something like Nordstrom which had a good blend of ECOMMERCE but in the physical store. The store itself stores like that. Particularly if you're talking about high enclosed this is a basic thing but a lot of it's about trying the thing on right try on the shirt. Try ON THE DRESS. And see how it fits. Is there any talk yet? On how they're going to pull that off in a covert age where I might not particularly want to put on something that somebody else might have just put on. Well there's going to be a lot of challenges. Would I mean basically the emerging best practice that we're starting to see stores? Reopen is if you try selling and a year stillness store and you don't want to try it on your order by it down and put it away for twenty four to forty eight hours. That'll be the same thing with return. Products Northwest Section in case today just announced that they're going to close fourteen per side of their stores. The big department stores not the Rock ones because they've been trying to do now is focus on better markets to them like Seattle New York L. A. And have a group of stores but also they started opening little stores called local which are half the size of a seven eleven in good neighborhoods. So you can go try things there. You ordered a line item gets shipped to that story. You go there and they try to get a Taylor but now so there are going to do as de emphasize smaller markets and focus on the big ones where they can win big L. A. New York Chicago send a major Boston. Retail sales. Numbers came out Friday showing retail sixteen point four percent drop in overall retail from this April over last April and that was obviously an enormous number. The biggest year to year drop ever but from my perspective is the layman looking at it I thought. Wow that's actually not. Nearly as bad as I thought it would be given the number of stores the number of malls that are literally closed right now. What were your thoughts when you saw that number because I thought it was going to be worse. It's mathematics because groceries. Rob A lot of essentials. Were up home furnishings up this week. We're GONNA see home depot and Lowe's are going to report. Apparently they did very well. But it's really a powerful that sell ninety percents and Powell is what shows the malls the small stores as well as the anchors. And so it really. Is Everybody gravitated towards the essentials like food and thanks for their home and things that were non essential basically collapsed? It's as if for some parts of retail. It might have been flat. Bid Up and others like down eighty percent. It really is entirely different worlds from a retail perspective. What is the longest lasting kind of behavioral consequences of Covet in terms retail? Is it more direct consumer or what in in three years four years from now? Do you expect to see in the retail market? You say it's because of what happened in early. Twenty twenty well. I think we're going to end up seeing a lot. More technology is GONNA be a part of. I need already as part of it but I think it's idea of consumer service at best. Buy Or to start right. Let's go to best buy now to get an employment and Roger hold chip in the story you can have somebody with you and I think some version of that will stick. Because I don't think we're going to have a vaccine anytime soon. Shoppers are going to be nervous unless you really really come to them. So safety and cleanliness are gonNA be paramount now. Does that mean increased employment. Pick a best. Buy Anyone who's ever been in a best buy in wanted to get help knows. It is a hard hard thing to do and you wait a very long time. Does that mean you're going to see some of these? Big Box. Retailers actually have to have more staff than they used to. They will have to bet you. They won't do it so I think part of this is at Downli we're GONNA see smaller stores and you're GonNa have a lot more ecommerce in the store will be two really close the transaction than browsing and get full service so I think a lot of physical retail will disappear because this is well the Wada a senior writer for Fortune magazine and the biggest Def Leppard Fan. I know thank you very much for joining us. Thanks very much final. Two right after this with offices in check-ups throughout the country including San Francisco Denver Chicago and Boston Bridge Bank supports the innovation ecosystem wherever it thrives in helps breakthrough ideas actually break through and through. Its teams focused on technology and life. Sciences companies and the equity investors who fuel them. Bridge Bank delivers a responsive. High Touch Client Experience Bridge Bank. It's a division of Western Alliance Bank Bridge Bank. Be Safe Venture wisely. Now it's time for my final two and I of his increased Democratic Party opposition to the possible merger between Uber and Grub the latest come from Minnesota Senator and possible veep stakes winner. Amy Klobuchar who on Sunday tweeted quote. If Uber takes over GRUB hub. It isn't good for competition and it isn't good for you. When big companies cornered the market it usually means more for them unless less for you especially in a pandemic. That's why I'm challenging. The trump antitrust enforcers to do something about it and so two things of note here I. There is not yet a deal to oppose the two sides remain apart. Price with GRUB rejecting at least one of Uber's offers second even if a deal does get announced cloture doesn't really have any way to fight it beyond public pressure. Even if she could convince Republican. Senator Mike Lee to hold hearings via the Senate Judiciary Committee's anti-trust Subcommittee. It couldn't actually block the deal. It needs doj the FTC. That's why she ended her plea for the trump antitrust enforcers to do something about it the bottom line until there is an actual transaction. This is all more about political posturing than policy-making and we will close one more antitrust note this morning the total lack of opposition political opposition to facebook's agreement to by giving the Animated Image Library that the social network values upwards of four hundred million dollars. Now you certainly could argue. There is no reason for antitrust to care about something as seemingly innocuous and silly as but that's also a lot of folks thought when facebook agreed to buy instagram more to the point big tech companies like facebook and Amazon and Google are all under current antitrust investigation but seem to basically be telling. Dc. We're going to keep making deals until you try to stop us and so far. No one has and we're done. But thanks for listening to my producers Tim Show Naomi. Shaven have a great national cheese souffle day. And we'll be back tomorrow with another pro rata podcast..
"j. crew neiman" Discussed on The JaySin Podcast
"Those stores that we grew up. You know like going to and stuff like that because I used to go into. Jc Penney not so necessarily buy clothing or furniture. Or anything like that. I will go in there for the T. Shirts be like a Lotta the marble t shirts I got from. Jc PENNEY JC. Penney was also salsa. Like macy's is huge yet is place. It's just gall definitely radio you'll get a lot of cheap things from there as well. Tv Kill the radio. The Internet Killed The physical store. It did it short. Did look what Amazon Amazon is. Part of the reason. Why there's only maybe like one or two toys R. US in the United States crews and a lot other department stores are collapsing. J. Crew Neiman Marcus Group. It seems like they're They're following that same path of bankruptcy as well and It's like you mentioned. You know the online stores actually putting out the physical stores and I don't know I'm old school in a sense. I believe that we still need those physical stores. You know at least one or two of them like what the I don't care what I do still like to try on my sneakers. No not my walden and afoot lager and seeing a waffle kicks in friends touching seeing Holler. Look on your foot Kamal Bro. Yeah it's just I guess from an experience factor. I would say you know it's like you still have to keep these physical stores open at least two or three of them. 'cause like for me for instance like my favorite designers. Lacoste and Lacoste is actually cut a certain way. It's cut in a way for European people and I'm going to say that you know they're all small people but the way it's cut. Its cut for like people who are actually small and I'm not that small of a dude. I'm five eleven and I'm almost two hundred and ten pounds basically so it's like I have to go in physically to see these things in. Try them before actually buy it because if I get it from the website and it gets to me and it doesn't fit I'm GONNA have a fit and then I'm going to have to go through all that time consuming process of returning it and Yada Yada Yada so it's like you still have to keep the physical stores intact. People and I understand you know. We live in a different agent. You know the young ones just like to do all their online shopping. You know they just like to receive it at home and not take their lazy asses outside to go to physical store pickup. Something but for some of us. Just try to keep those physical stores. Open pleats please and. I hope they don't do away with all the JC Penney's you know in the world they can keep a few around and stuff like that and then you have outlets and things like that too is like come on like don't do what are outlive Very calm come on like come on. So tonight's Saturday night. It's going to be about a very good one in the verses battle. We got ludicrous against Nelly. Who HAVE YES? That's actually tonight. Who Do you have kind sir? Okay okay in a landslide in a close battle. How do you have it honestly is supposed to be a landslide? It was all about numbers correct. Nellie isn't diming category. He's shoved. He never took his seat at the table. Idle CONVERSATION ABOUT NELLIE. He never took his seat at say he has. He has a seat at-bats able to never took the seat. You took to see deletion right because of that. We don't look at him the same way. Nobody's checking for Nellie Project IF EMINEM released the project right now beyond it. Listen whether it's good or bad they're gonNA listen to Jay Release the project. They'RE GONNA go. Listen Nellie is supposed to be in that same category but he just never took his at the table. But that's why I say is going to be closer because plug and play anybody at the table against Luda it's not close correct correct and Nellie is GonNa be closer than it's supposed to be but now he's GonNa Nothing's GonNa GonNa kill it whether it be. He hit with the dilemma. What the Kelly rollins or a hot air or the country like you know we got nick hit you with the over and over again country feature like hit you with the with the battle. Nellie with the rock the MIC remix. Nellie league issue with that verse off a Nastier Day data jilted like he did but the thing is Luda has a lot of memorable joints of course of course and has where Luke Lewis had a lot of success outside of music but a lot of Lula's and music was relatable like for me. It was more relatable towards like black culture. Right think right so when you think about a Lotta lueders music especially certain Salsa Mega. I'm sorry I don't know what legal and play but if every Ludo pulls out blue berry young right that's win in that round me as a we smolka correct. That's almost an. It's an Aunt Mary. Him and his death fi like yes. He has hits like those that won't be on the charts correct but it was so relatable to certain audie definitely. I totally agree. He played who I mean. I mean once again to me. I think it's going to be a close battle. I see Nellie Edging him out as you mentioned as well. That's my exact sentiments but like when I think about Ludicrous version in ride for instance with Sierra or or like when I think about even party girls or how. Low or or moneymaker or much bad. Like this'll a negative. I'm so hood remix on my God I didn't even get to the remixes imagine that an airport. I mean like Lulu Lulu might be because you might like all I do is win. Remix Luna Man. We need winning even gets southern hospitality. Nigga what was it? Was it splash waterfalls? Oh my God come on.
"j. crew neiman" Discussed on AP News
"AP news I'm Tim McGuire president trump announces a push to develop and distribute corona virus vaccines segment Ghani reports it's called operation warp speed and the president says it's unlike anything the nation has seen since the Manhattan Project it's aimed at having three hundred million vaccine doses in stock by January which even national institutes of health director Francis Collins tells the AP is a stretch goal if there ever was one way outstripping anything that's ever been done and it could waste millions of shots and a lot of money if the vaccines chosen for production don't pan out the president believes they wheeled by years that one of actually it is ready the U. S. government will deploy every plane truck and soldiery choir to help distribute it soccer make ani Washington the president was among those not wearing a mask at the White House today Dr Anthony Fauci wise we've all been tested and where a quite a distance away and were outdoor so I told them I gave them the option they could wear it or not so you can blame it on me but I gave the options we could wear it or not the commerce department says for a second straight month retail sales tumbled by a record percentage April sales off by more than sixteen percent Columbia University business school retail expert mark Cohen from sweaters and T. shirts and jeans to airline seats and restaurant seats and theater tickets it's easy to understand why sixteen percent as shocking as it is is probably just the beginning of what we're going to see in the next few months gone adds that the tens of millions of people who are out of jobs are cutting back on spending only buying what they need J. C. Penney which had been having trouble before the corona virus pandemic hit has filed for chapter eleven bankruptcy joining J. crew Neiman Marcus and stage stores and opting for bankruptcy since the pandemic shut down this is a P. news the house is debating a three trillion dollar corona virus relief package that would dole out more than a trillion dollars to the states New Jersey Democrat Donald Payne says the federal government is the only entity that can step in and during a national emergency government exists to help the country in times of great need and there might not ever be a greater time in our lifetime then right now but house Republican leader Kevin McCarthy argues that the measure has turned into a catch all for programs and issues backed by Democrats this bill has more references to cannabis industry unit than it does to jobs even though it is jobs not dispensaries that are going up in smoke the house is likely to pass the measure it's not likely to make it through the Senate which has a Republican majority Senate Majority Leader Mitch McConnell says it won't even be considered until.
"j. crew neiman" Discussed on AP News
"Two hundred and seventeen and the nays are one eighty nine the resolution is adopted the majority Democrats are likely to approve a three trillion dollar corona virus relief bill it's not likely to make it through the Republican controlled Senate J. C. Penney longtime mall anchor retailer has filed for chapter eleven bankruptcy I'm timid wire AP news I'm Tim McGuire president trump announces a push to develop and distribute corona virus vaccines segment Ghani reports it's called operation warp speed and the president says it's unlike anything the nation has seen since the Manhattan Project it's aimed at having three hundred million vaccine doses in stock by January which even national institutes of health director Francis Collins tells the AP is a stretch goal if there ever was one way outstripping anything that's ever been done and it could waste millions of shots and a lot of money if the vaccines chosen for production don't pan out the president believes they wheeled by years that one of actually it is ready the U. S. government will deploy every plane drunken soldier required to help distribute it soccer make ani Washington the president was among those not wearing a mask at the White House today Dr Anthony Fauci wise we've all been tested and where a quite a distance away and were outdoor so I told them I gave them the option they could wear it or not so you can blame it on me but I gave the options we could wear it or not the commerce department says for a second straight month retail sales tumbled by a record percentage April sales off by more than sixteen percent Columbia University business school retail expert mark Cohen from sweaters and T. shirts and jeans to airline seats and restaurant seats and theater tickets it's easy to understand why sixteen percent as shocking as it is is probably just the beginning of what we're going to see in the next few months gone adds that the tens of millions of people who are out of jobs are cutting back on spending only buying what they need J. C. Penney which had been having trouble before the corona virus pandemic hit has filed for chapter eleven bankruptcy joining J. crew Neiman Marcus and stage stores and opting for bankruptcy since the pandemic shut down this is a P. news the house is debating a three the trillion dollar corona virus relief package that would dole out more than a trillion dollars to the state new Jersey Democrat Donald Payne says the federal government is the only entity that can step in and during a national emergency government exists to help the country in times of great need and there might not ever be a greater time in our lifetime then right now but house Republican leader Kevin McCarthy argues that the measure has turned into a catch all for programs and issues backed by Democrats this bill has more references to cannabis industry in it than it does to jobs even though it is jobs not dispensaries that are going up in smoke the house is likely to pass the measure it's not likely to make it through the Senate which has a Republican majority Senate Majority Leader Mitch McConnell says it won't even be considered until.
"j. crew neiman" Discussed on The Business of Fashion Podcast
"Ahmed founder and CEO of the business of fashion and welcome to be. Oh live. We have a legend with us today for B. O. F. Live I'm pleased to welcome Mickey Drexler. The former CEO of gap and J. Crew and kind of legend in the in the American Retail and fashion world. And I caught up with Mickey briefly on the phone about a week ago and asked whether he would join us today for conversation. Because there's been so much timeouts in turmoil in the American retail landscape over the last couple of weeks I thought it would be really great to have someone like Mickey. Help us all to navigate the changes that are happening and make sense of what's going on and also to paint a picture of what the future might look like as on the other side of this crisis that we find ourselves in so Welcome Mickey to be off lines. Nice to the appreciate it. I wanted to start Mickey Before we dive into the topic at hand if you could just tell us a little bit about how you're doing how your quarantine has been what you doing To keep yourself occupied. I find that everyone is finding new ways to keep their minds and bodies occupant it occupied tile. I'm going crazy I I can't stand still. It's a huge turn for answer. My pants and every day is kind of repeat of yesterday. I have no idea. Tuesday versus Saturday's link. And I get up every morning and not living in a homeless living in a hotel but at such a long story in that makes it less fun. I'M GONNA get up every day. Take a walk with my wife. My kids are one in New York and one's in Sampson and I walked for an hour and a half a long beach here in Miami not on the beach because you're not allowed to and then I come home till the next morning home or whatever wherever I am and life is. I actually like without work. I be dying and this choosing his favorite hobby of mine. My wife is very serious about keeping US isolated Argentine as she should be a so it's it's almost surreal living sway. All of us is just unbelievable. And I don't think anyone really knows what it's going to look like on the other side but it is what it is and I can't wait normal. I do facetime with my grandchild. Some getting to know she's a year and a half and that's my relationship with are in. That's that's like it's not. It's not eas- house. There's a daily routine. I think that we're all developing. I guess it's about injecting moments of connectivity moments of exercise moments of reflection and an moments of work and mixing that all but while being in the same physical space which is kind of challenging. Because it's hard to transition between all of those different but I. I was really excited to talk to you because obviously you know as a as a media publication that covers the global fashion industry of which the the American market still plays an incredibly important part watching from over here in London. What's happening in the retail environment in the United States? It's been harrowing. You know some of the big titans of the American retail landscape are teetering on the edge of bankruptcy some have already filed for bankruptcy some are planning for liquidation including two of the companies that you used to lead an you know. The gap has been withholding rent payments. Furloughing its workers trying to reorganize and restructure its operations and J. Crew has obviously filed for bankruptcy as a way of doing a restructuring of the organizations and they're not alone right this is J. Crew Neiman. Marcus is the gap is his Lord and Taylor as you look across the American retail landscape. It's it's pretty grim out there and so the first question. I just wanted to you to ask you you know. How did we end up here? That so many of these big American retailers find themselves in a position where you know there are teetering because you know the the companies that seemed to be surviving seemed to be seemed to be kind of getting through at least up until now are the ones that were strong going into this crisis. But many American retailers were already Suffering before this all started and this is kind of become the kind of final you know the the proverbial Straw against the camels back so talk to me a bit about how we ended up here in the first first thing I'm GonNa say is Speak to a lot of people every day to work and do whatever most people will say. I have no answer to your question. I mean I have one opinion on how he ended up here with. Most of us don't know what the other sides could look like in my own opinion on and I think statistics There's been for twenty years or so to many retailers too much inventory and I think what's happened because of a corona virus in one short sue. What probably could've happened ten or fifteen years ago. Too much out there to choice to inventory drove down prices drove down margins increase of price. And they're well if you look at Tj. Max I think the biggest most profitable department store in America if not the world and they have a great merchant account rich wanting running at night. I think the great were cheap or is also part of it. I think this just too much square footage for human being in America. It always has. That's one thing. Lack of creativity I think is another thing although with too many stores into choice of what you get is just a deflationary trend in retail nights. We've been going through that. Very simply stated is too much assortment out there too much goods not enough special. Not Enough unique. Lots of commodities Amazon certainly influenced a lot of this and that's life end so could add twenty or ten years ago because I always ask the question an I didn't know none of us knew about this while some people that Bill Gates I guess sold coming is what you do. Then you've named companies if solemn so didn't exist would you miss them and there was so many no. I will miss them if they weren't here anymore. Now what's happening is a lot of going away either. Unfortunately because they have no cash they're running out of cash in. They might be good at what they do and the rest. You just won't miss them and the balance sheet was week when you say their balance sheet was weak you mean they were heavily indebted right overly indebted or plus an I. Don't you know right now? Sitting with all these empty stores with huge Will push people over the edge if they might have survived longer than they probably would discount. It cleans up the landscape of Aqua Lung. Markdown companies and others who sadly will go away because you know maybe they just undercapitalized. And they might be run. Creatively have nice goods. The the report cards not in yet. I don't think it's close to being so if that's the question if if there are too many stores and I think you know there's one statistic that's you know frequently cited that there there's more store space in America. Her customer or per person than there is anywhere in the world by a long shot. So there's too many stores is too many malls. There's too much product There's too many brands. How did how did they all last this long? My first place you know. We'll explain that to me because I don't understand how that can happen. What the the answer. I always get free money out there for everyone. I'm not an economist. A merchandiser in what free money means as maybe lower interest rates are money plus a venture capital like. Oh here ten million years fifteen million. Let's think shot I kind of Bedding in dark half the time I. I sat in Venture Capital Office for my first year at J. crew and I visit with companies and it wasn't very hard to get money who's actually quite easy just to fancy. Dan Presentation Sound. Like you know what you're talking about a with great confidence have no experience. Oh we're going to invest in. You know what I've learned is if they hit one or two or three ten. They're very happy and don't says that they'll talk about it. But I'm not blaming venture capital maybe blaming too much cash around America to take a shot and when I look at the companies are known to be critical. I am like very few things impress. And I'm saying you kidding. You're going to invest in this when his so many of that but I think free money betting taking a shot. I guess in the two Twenty that the deal is makes it very attractive to buy company sell companies and it got us to place where we are in a to a degree. And you know you weren't looking at these with a sharp. I may be in my world in Tarot. It's amazing how people might evaluate opportunity without Kinda doing the surgery you know doing whatever before and money people are different than operate. There were very much different. They probably make more money in a sense because playing money in the not Clinton with and I don't think the playing vision and I don't think they're playing with a down. The road shot now. Drafting said is more start ups and I don't know what's GonNa Happen is my own personal opinion. All this is how many of them are actually going to survive. How many will make money? I'm used to and I started made. Well started old navy. A while I was running. It was a matter profit not a matter out big. Could you get how much volume two right? So basically what you're saying is there's been a lot of capital floating around cheap capital either in the form of debt. That's you know coming from. The capital markets are very low interest rates that enables big investors to take bets on an industry that they don't really understand and so they're artificially in a way propping up some of these retailers that without that kind of you know we talk about. Smart MONEY. Maybe we'll call it not smart money with that. Not Smart Money. It kind of it extends the life of these retailers. Maybe beyond what they would have had if they didn't have that money. And then the people taking ownership of these companies don't really know how to operate them a you. Just you just called yourself a merchandiser right. And I think that's a really important a role for everyone to understand because the role of the merchant as also kind of faded in the in the last few years. There's been a lot more merchandising by numbers and algorithms and data and less instinct and taste and differentiation. So when you walk into stores many of the department stores everything kind of looks the same not just within the store from brand to brand to brand but also between stores so talk to us more about the fundamental importance of the merchandiser and operator in making a fashion retailer successful. Well I do call myself a merchant and that's what I do for living in fact someone said to me the other day we have beautiful stornoway really love Alex meal and they said this ten of us and to people said what we need to work at. What you do is they said. Because you're working like you're you're looking at everything you're working at such a detailed level and don't want someone to help you. I said I'm doing the same thing and looking at every style for forty years. Why should it change now will older now than I was when I started running companies? But that's what I do for a living. I said I look at every style and actually like doing that and I look at every email and I look at every this. I am a huge micromanage. And if you're not a micro manager I don't think you're doing your.
"j. crew neiman" Discussed on KXNT NewsRadio 840 AM
"A toll on an industry already battered by the shift to online shopping more than two million retail jobs disappeared in April as many stores closed it's a story by Suzanne captor reporter at the Wall Street journal Suzanne set this up the retail industry was going through a big shakeout leading up to the pandemic you had record number of bankruptcies and store closures for several years and now with the virus closing up a lot of nonessential retailers for a part of March and most of April these companies have taken a big hit their sales and their profits and not all of them are going to come out of this hi I'm easily or at all and UBS is expecting that over the next five years a hundred thousand US retail stores will close that almost triple the number that closed during the two thousand eight the session that's staggering who are some of the big name Suzanne really struggling right now to adapt already we've seen J. crew Neiman Marcus filed for bankruptcy he penny hearing on the ads they met to interest payments you had the you know gap had to go out and raise new money they had said they would burn through about half their cash inside the pandemic started in making is in the process of trying to raise money all these retailers are trying to raise cash because that's the name of the game right now they need cash to pay them through that while their revenue went to press you know it the retailers with the strongest balance sheet that will survive that's astonishing that is somebody been your story pointed out I think he was an executive with under armor the saying that's a lot of square footage that they could be left out there yeah well I think the U. S. has more square footage per capita than any other country in the world so we need this calling it will actually make the industry healthier I mean it's going to be painful what happened but you know if we can come out the other side and kind of clean up this access will be better for those that survive speaking with Suzanne account there reporter at the Wall Street journal her pieces called coronavirus finishes the retail reckoning that Amazon started you know what I thought was interesting too and it's I guess something that retailers will have to deal with to a certain extent is that anecdote for the of the twenty five year old who kinda developed some savings habits while at home it seems kinda less likely to part with cash yeah well the paving trailer I would wake up and you know partly that because a lot of people have lost their jobs there have reduced income but even people who are still a collecting their full salary are saving more because they're uncertain about the future are doing Susan Susan Kapler reporter at the Wall Street journal thirty minutes after the hour on this morning America's first news.
J.Crew, Neiman Marcus file for bankruptcy
"J. crew and even Marcus didn't last week GNC the vitamin chain might be the next major retailer to file for bankruptcy it's looking at the possibility if it can't reach an out of court solution to refinance
"j. crew neiman" Discussed on KOA 850 AM
"Not start calling cops cops actually have better things to do they you know they need to investigate crimes they need to you know get get rid of the drug dealers well I was gonna say arrest illegal aliens but we're not gonna do that well I need to re arrest to preserve the world leading out of prison that's what we need to do it's utterly insane what we're doing just insane J. crew Neiman Marcus they both filed for bankruptcy odd but bunch but there's probably gonna follow the accounting company ADP reported this week to small businesses shared eleven million jobs last month three point two million leisure hospitality jobs about half of the industry this completely eliminated in just two months I'm afraid I think a lot of Democrats seem to think that's no big deal so now they can collect all this enhanced unemployment benefits the pay more than some of their wages but what happens in a few months if their employers no longer exist if you're employed by a small business and you're one of you know twenty or less fewer employees the likelihood of your business or your employer still being around in another month or two is probably not very good and I find it funny that the same crowd the dim that demands that the economy remain locked down until there's a vaccine or some sort of miracle therapy or daily testing of three hundred twenty nine million Americans in the country somehow seem to think that the government can replace the private economy that's another fantasy and they're actually betraying those low income and middle income workers if they supposedly represent we just were growing until we did this average wages in April rose sharply yeah things come into the average wages in April rose sharply you know why because so many low income workers were laid off that the average wage Skyrock so they surround the blame trump for the economic pain give her new some this week relaxed his stay at home order but most of the bay area counties have extended their lock downs to the end of the month I heard today that well maybe we'll open restaurants in Colorado before Memorial Day personal guarantee of we're just going to continue to shoot ourselves in the foot all in the name of saving lives well thousands died of other diseases undiagnosed cancers heart attacks because they're scared to go to the hospital or maybe the hospitals closed down because all the doctors and nurses have been laid off all the unintended consequences I'm just trying to save one life let's check the traffic.
"j. crew neiman" Discussed on Newsradio 950 WWJ
"That's not as high as last year twenty seventeen we had a record year eight thousand store closures, but this year still going to be nearly double the historical annual average, which is two thousand store closures. I think we're gonna see most retailers now that it's November are going to do their best to try and stick it out through the holiday season where sales are going to be at their peak. Come January, one store sales are and we're going to see another way. I mean, it's not just stores that are have already shut down. But I mean, there are some on the brink actually of of filing for bankruptcy, right? Yeah. On the watch list for twenty nine teen. I think song Pacific holding Corp which has passed on BB. J crew Neiman, Marcus JC Penney. GMC those are all traditional mall tenants that are on the watch list for twenty nineteen and I do believe that we're going to see a number of those file probably in the first half of the year. And what do you attribute all this to? I mean is it online sales or is it a a number of factors number of actors definitely online sales the Amazon effect improvements in delivery infrastructure means that brick and mortar retailers have to fight harder and harder to stay afloat. But it's not all. Doom and gloom. Because of online shopping a lot of these retailers have phone victim too, bad business, practices, and acquiring too much debt. So for example. J crew incurred three billion dollars in debt into Lebanon as part of a leveraged buyout to take the company private. So J crew now has one point seven billion dollars in debt. So no matter how much people are shopping online. They still have way too much debt Neiman, Marcus as an even bigger debt pile Neiman, Marcus is near five billion. I think they're four point eight billion dollars penny has four point two billion dollars. That is Conway MacKenzie director of real estate services, Lauren Leach with WW. Jay's our Huber to fourteen is our time sports next..
"j. crew neiman" Discussed on Newsradio 950 WWJ
"That's not as high as last year twenty seventeen we had a record year eight thousand store closures, but this is still going to be nearly double the historical annual outrage, which is two thousand store closures. I think we're gonna see most retailers now that it's November are going to do their best to try and stick it out through the holiday season where sales are going to be at their peak. But come January one store sales are and we're going to see another way. I mean, it's not just stores that are have already shut down. But I mean, there are some on the brink actually of of filing for bankruptcy rate. Yeah. On the watch list for twenty nine teen. I think some Pacific holding Corp which has paths on BB. J crew Neiman, Marcus JC Penney. GMC those are all traditional mall tenants that are on the watch list for twenty nineteen and I do believe that we're going to see a number of those files probably in the first half of the year. And what do you attribute this to? I mean is it online sales, or is it a a number of factors a number of factors? Definitely online sales the Amazon effect improvements and delivery infrastructure means that brick and mortar retailers have to fight harder and harder to stay afloat. But it's not all. Doom and gloom. Because of online shopping a lot of these retailers have fallen victim to bad business, practices, and acquiring too much debt. So for example. J crew incurred three billion dollars in debt in two thousand eleven as part of a leveraged buyout to take the company private so J crew now has one point seven billion dollars in debt. So no matter how much people are shopping online. They still have way too much debt Neiman, Marcus as an even bigger debt pile Neiman, Marcus is near five billion. I think they're four point eight billion dollars. Eighty penny has four point two billion dollars JC Penney. I think thought a little bit of time because earlier this year, the company recently announced over three hundred million dollars of debt that was sent to mature that is MacKenzie director of real estate services, Lauren Leach with WW Jay's Zara, Uber w w j news time twelve fifteen..