Business news 2020

[Rewind]

Restaurants and fast-food outlets have been hit hard by the COVID-19 pandemic. They're open only for drive-thru orders and delivery orders and they lost more than $30 billion in sales during March and $50 billion in April. Chipotle Mexican Grill, however, is doing very well. Today their stock price reached a record high of $1,017.87 and right now is at $998.58. All I can say is people must really love those chicken burritos, sofritas and keto salad bowls!

Chipotle shares hit a record high above $1,000 as the company sees strong delivery momentum

https://markets.businessinsider.com/...0-5-1029212322

[Rewind]

Charles Rolls and Henry Royce founded the Rolls-Royce luxury car company in 1906 in Manchester, England. In 1915, during World War I, they began manuafacturing airplane engines. Most of these 9,000 job cuts, 17% of the company's workforce, will come from the civil aerospace division.

Rolls-Royce to cut 9,000 jobs amid coronavirus crisis

https://www.bbc.com/news/business-52723107

[Rewind]

For more than 30 years, Johnson & Johnson executives knew their talcum powder contained small amounts of asbestos but they never disclosed this to regulators or to the public. "We won't sell talcum powder anymore but the asbestos and all the lawsuits have absolutely nothing to do with our decision." Yeah, uh-huh.

Johnson & Johnson stops selling talc-based baby powder in US and Canada

https://www.npr.org/2020/05/19/85918...u-s-and-canada

[Rewind]

Sind sie verrückt? Was dachten sie? And the first letters that appeared on the screen spelled "neger," the German word for.....well, you can guess. Volkswagen executives tried to defend this ad. They couldn't.

Volkswagen execs 'horrified' over racist ad showing large white hands flicking a black man away from a Golf 8
The German automaker initially said critics 'misunderstood' the Instagram clip, which has been pulled.

https://www.marketwatch.com/story/vo...man-2020-05-21

[Rewind]

Walter Jacobs acquired 12 Model T automobiles and started a Rent-A-Ford business in 1918 in Chicago. John Hertz, a thoroughbred racehorse owner and breeder, bought the company in 1923. The Hertz Corporation now operates in North America, Latin America, Europe, Asia, Africa, Australia, New Zealand and the Middle East. Hertz isn't doing much businesss right now, though. Amid the COVID-19 pandemic, hardly anyone is traveling. So.......

Hertz files for bankruptcy

https://www.cnn.com/2020/05/22/busin...tcy/index.html

[Rewind]

Cost Plus Imports opened its first store in 1962 in San Mateo, California, selling home furnishings, beanbag chairs, incense and novelty items. The chain became Pier 1 in 1966 and by 2006 had grown to 1,300 stores. By October 2020, the number of Pier 1 stores will be zero.

Pier 1 is officially going out of business

https://www.cnn.com/2020/06/01/busin...ale/index.html

[Rewind]

Warner Music Group owns Warner, Elektra, Asylum, Atlantic, Reprise, Parlophone and hundreds of smaller labels including Atco, Bearsville, Big Tree, Blind Pig, Nonesuch, Chrysalis and Rhino. It is the world's third-largest recording company behind Universal Music Group and Sony Music Entertainment.

Warner Music Group prices IPO at $25 a share to raise $1.925 billion

https://www.marketwatch.com/story/wa...ion-2020-06-03

[Rewind]

James Cash Penney opened the first J.C. Penney store in 1902 in Kemmerer, Wyoming. A decade later, the chain had grown to 34 stores. By 1966, there were Penney stores in all 50 states. The chain grew to 2,053 stores in 1973. In May 2020, JCPenney filed for Chapter 11 bankruptcy protection and by 2022 only 600 stores will remain.

JCPenney is closing 154 stores this summer

https://www.cnn.com/2020/06/04/busin...rus/index.html

[Rewind]

The jobs report released yesterday showed the United States unemployment level at 13.3% – and King Donald viewed that as a good thing because it was an improvement over April. Of course he, as usual, took sole credit for the drop in the unemployment rate. It now turns out many unemployed or laid-off workers were misclassified and the actual unemployment figure is as high as 16.1%. And how is King Donald responding to this news? *Crickets*

Ex-acting Labor secretary defends BLS in the wake of jobs report misclassification error

https://www.cnn.com/2020/06/06/polit...n-error-cnntv/

[Rewind]

The National Bureau of Economic Research said today we're in a recession. I think most of us knew that three months ago.

The US economy is officially in recession

https://www.aol.com/article/finance/...sion/24516177/