Business news 2020

In 1920, Maurice, Edward, and Barney Durwood bought a theater in Kansas City. They eventually would buy nine more. In 1961, Edward's son Stanley took over the chain and began remodeling the theaters to include smaller auditoriums and multiple screens. The chain incorporated in 1968 as American Multi-Cinema and today AMC is the world's largest movie theater chain. They hope to have all 905 theaters re-opened in July, just in time for Disney's live-action Mulan (July 24).

AMC Theatres discloses $2.17 billion quarterly loss amid pandemic closure

https://www.hollywoodreporter.com/ne...losure-1297711

Starbucks will reopen 85% of its stores this week and the chain will begin adding pickup-only stores. Starbucks lost more than $3 billion during the coronavirus shutdowns – and customers discovered they can actually make a cup of coffee in their own home! Who needs Starbucks?

Starbucks to fast-track pickup-only stores amid $3.2 billion loss

https://nypost.com/2020/06/10/starbu...t-coronavirus/

The closure of 400 North American Starbucks isn't as bad at it sounds. There are more than 15,600 Starbucks in the United States and more than 1,100 in Canada. Only 2.4% will be closing.

Starbucks is closing up to 400 stores in North America in shift to takeout strategy

https://www.cnn.com/2020/06/10/busin...res/index.html

In a statement, Johnson & Johnson declared, "We are committed to taking actions to create tangible change for the Black community.⁣" Soon, when black protesters are injured by rubber bullets fired by police, they'll be able to cover the wounds with bandages that match their skin color. Tangible change, indeed! Wooh!

Band-Aid will make black and brown flesh-toned bandages

https://www.cnn.com/2020/06/12/busin...ids/index.html

In 1983, Mark Mastrov and partner Leonard Schlemm bought a 5,000-square-foot fitness center in San Leandro, California and launched 24 Hour Nautilus. The chain grew to 425 fitness centers in the United States and Asia and was renamed 24 Hour Fitness in 1996. In 2020, however, time is slowly running out for 24 Hour Fitness.

24 Hour Fitness files for bankruptcy and closes 100 gyms

https://www.cnn.com/2020/06/15/inves...tcy/index.html

Aunt Jemima is joining the Frito Bandito and the Land O' Lakes native American in the advertising mascot graveyard. Watch out, Uncle Ben and Eskimo Pie Kid! You could be next!

Aunt Jemima brand to change name, remove image that Quaker says is 'based on a racial stereotype'

https://www.nbcnews.com/news/us-news...-says-n1231260

This decision by Dreyer's Grand Ice Cream will please all the Inuit, Yupik, Chukchi and Iñupiat people who objected to the name of an ice cream bar. Now they can work on persuading the Edmonton Eskimos to change their name and persuading Bob Dylan to quit singing Quinn The Eskimo in concert.

Eskimo Pie no more: Ice cream owners will drop 'derogatory' name

https://www.cnn.com/2020/06/20/busin...rnd/index.html

The "everything offends me" crowd is complaining again.

Walmart gets backlash over T-shirts with 'All Lives Matter' and 'Irish Lives Matter' slogans

https://www.cnn.com/2020/06/25/busin...rnd/index.html

Because Facebook, Twitter and Instagram are not doing enough to keep lies, accusations, threats, hate speech and conspiracy theories off their sites, many major companies are deciding to keep their advertising off Facebook, Twitter and Instagram. Will the loss of revenue force them to make changes? One can only hope.

Facebook and Twitter stocks dive as Unilever halts advertising

https://www.cnn.com/2020/06/26/tech/...ver/index.html

Procter & Gamble to pull ads from platforms with 'hateful' or 'discriminatory' content

https://www.bizjournals.com/cincinna...platforms.html

CEO Mark Zuckerberg told FOX News last month he doesn't believe Facebook should be "the arbiter of truth." In other words, he has no objections to posts containing lies, accusations, exaggerations, conspiracy theories, threats, hate speech, racist comments and incitements to violence. A growing number of companies have been withdrawing their advertising from Facebook. Zuckerberg now says Facebook will start adding warning labels to inappropriate content. Hey, Mark, how about removing the inappropriate content? Wouldn't that be better?

Pepsi quietly joining Facebook ad boycott: sources

https://www.foxbusiness.com/markets/...ook-ad-boycott

Both companies are blaming the COVID-19 pandemic for their bankruptcies – and both companies gave millions of dollars in bonuses to their top executives prior to filing for bankruptcy. Somethin' ain't right!

Chuck E. Cheese files for bankruptcy

https://variety.com/2020/digital/new...cy-1234689869/

GNC files for bankruptcy, plans to close 1200+ stores

https://ourcommunitynow.com/news-bus...se-1200-stores

Cirque du Soleil, founded in 1984, operated six permanent shows in Las Vegas and several touring shows worldwide. All were suspended when the COVID-19 pandemic hit.

Cirque du Soleil files for bankruptcy and cuts 3,500 jobs

https://www.cnn.com/2020/06/29/busin...tcy/index.html

Another day, another bankruptcy.

A huge Wendy's and Pizza Hut franchisee just filed for bankruptcy
CNN, Jul 1 2020 10:25 AM

NPC International, the operator of 1,200 Pizza Hut and nearly 400 Wendy's restaurants in the United States, has filed for bankruptcy. The franchisee has been dealing with coronavirus-related shutdowns, a massive debt burden of nearly $1 billion and rising labor and food costs. Pizza Hut, of which NPC is the company's largest franchisee, has also been struggling with sales recently. NPC's restaurants will continue to operate while it navigates the Chapter 11 process. The company employs nearly 40,000 people in 27 US states.

https://www.cnn.com/2020/07/01/busin...tcy/index.html

Odwalla was founded in 1980 in Santa Cruz, California. The company, named after a character in Roscoe Mitchell's poem Illistrum, makes juices, smoothies, soy milk and energy bars – and next month will be out of business.

Coca-Cola is shutting down Odwalla juice

https://www.cnn.com/2020/07/01/busin...ola/index.html

Postmates was founded in May 2011 in San Francisco and offers home delivery of food, drinks, groceries, healthcare products and other items. If this all-stock deal is approved by regulators, Uber will control 30% of the food delivery market in the United States. DoorDash controls 45%.

Uber scoops up Postmates for $2.65 billion in 'everyday' delivery push

https://www.reuters.com/article/us-p...-idUSKBN2471GQ

Two more bankruptcy filings – and has anyone noticed Donald Trump no longer brags about our nation's "strong economy"?

Sur La Table files for bankruptcy, will close dozens of stores

https://www.cnn.com/2020/07/09/busin...tcy/index.html

Brooks Brothers, founded in 1818, files for bankruptcy, will close 51 stores

https://www.nytimes.com/2020/07/08/b...ankruptcy.html

Oilman and philanthropist Lloyd Noble founded the the Samedan Oil Corporation in 1932 in Houston. The company was named for his children Sam, Ed and Ann and became Noble Energy in 2002. Noble has reserves of two billion barrels of oil and gas; Chevron has 11.4 billion. In buying Noble, Chevron increases its reserves by 18%.

Chevron to buy oil and gas producer Noble Energy for $5 billion in stock

https://www.reuters.com/article/us-n...-idUSKCN24L143

QAnon is a far-right conspiracy theory which claims a "deep state" evil cabal of Satan-worshipping pedophiles is seeking to rule the world and plotting to destroy Donald Trump and his supporters. Naturally, Donald Trump and his supporters believe the conspiracy theory. For the past two years, QAnon followers have been showing up at Trump's rallies. These crazy, delusional, right-wing conspiracy theorists certainly do stick together!

Twitter bans 7,000 QAnon accounts, limits 150,000 others as part of crackdown
NBC News, Jul 21 2020 8:51 PM

Twitter has begun taking sweeping actions to limit the reach of QAnon content and banned many of the conspiracy theory's followers due to ongoing problems with harassment and the dissemination of misinformation. Twitter will stop recommending accounts and content related to QAnon, including in email, push, and follow recommendations and will take steps to limit content circulation in places like trends and search. This action will impact approximately 150,000 accounts. The company has also taken down more than 7,000 QAnon accounts for breaking its rules on targeted harassment. The sweeping enforcement action will ban QAnon-related terms from appearing in trending topics and its search feature, ban known QAnon-related URLs and ban "swarming" of victims who are baselessly targeted by coordinated harassment campaigns pushed by its followers.

QAnon is a baseless right-wing conspiracy theory that centers around the belief that an anonymous tipster is revealing how President Donald Trump is leading a secret war against a so-called Deep State – a collection of political, business and Hollywood elites who worship Satan and abuse and murder children. The conspiracy theory draws its roots from Pizzagate, which claimed Hillary Clinton ran a pedophile ring outside of a Washington DC pizza shop. QAnon emerged from the fringes of the internet's conspiracy community to become a recognized political phenomenon, with Trump supporters showing up at events with "Q" merchandise. QAnon followers have also been implicated in armed standoffs, attempted kidnappings, harassment and murder since the conspiracy first gained traction on the internet in October 2017. Last year, the FBI designated QAnon as a potential domestic terror threat. The FBI's report on QAnon's ties to dangerous real-world activities led in part to Twitter's decision..

https://www.aol.com/article/news/202...down/24568497/

Another day, another bankruptcy. Several Ann Taylor, Lane Bryant, Justice and Loft stores will be closing.

Ann Taylor parent Ascena files for Chapter 11 bankruptcy

https://www.cnbc.com/2020/07/23/ann-...ankruptcy.html

A majority of the McDonald's that will be closing are located in Walmart stores.

Dunkin' is closing 800 US locations

https://www.cnn.com/2020/07/30/busin...res/index.html

McDonald's to close 200 US restaurants

https://www.usatoday.com/story/money...gs/5527617002/