Recession 2019/2020 Mega-thread (putteth all thy strange eruption in h're)

[buckworks]

>> Neiman Marcus

This will create new losses for my client who is an NM supplier and already hanging on by a thread.

[rcjordan]

<q>
Retail sales fell 8.7 percent in March, the largest drop ever on record, and clothing and accessory sales dropped most of all, by 50.5 percent.

So far, Gap has canceled its orders for the fall season. JC Penney and Nordstrom are rumored to be filing for Chapter 11 if store closures extend into summer. Macy’s has furloughed the majority of its nearly 130,000 employees. Rent the Runway laid off its entire in-store staff over Zoom. Though brands have focused their efforts on e-commerce sales, most retailers say they’re not expecting online orders to make up for the loss of in-store purchases
</q>

Nobody’s buying clothes right now. So stores are filing for bankruptcy. - Vox
https://www.vox.com/the-goods/2020/4/19/21227275/neiman-marcus-bankruptcy-coronavirus-retail

[buckworks]

>> Nobody’s buying clothes right now

From the clothing shopper's perspective there are some great markdowns available right now as retailers scramble to keep some cash flow going. If there's an item you need / want, now might be a good time to shop for it.

[Mackin USA]

24 Hour Fitness weighs bankruptcy as coronavirus pushes fitness industry to brink

CNBC

[rcjordan]

U.S. car rental company Hertz to lay off 10,000 staff on coronavirus hit - Reuters
https://www.reuters.com/article/us-hertz-layoffs-idUSKBN2222XD

[rcjordan]

Exclusive: Lord & Taylor explores bankruptcy as stores remain shut in coronavirus pandemic - Reuters
https://www.reuters.com/article/us-lord-taylor-bankruptcy-exclusive/exclusive-lord-taylor-explores-bankruptcy-as-stores-remain-shut-in-coronavirus-pandemic-sources-idUSKBN22300J

[rcjordan]

Bankruptcy looms over U.S. energy industry, from oil fields to pipelines - Reuters
https://www.reuters.com/article/us-global-oil-usa-restructuring/bankruptcy-looms-over-u-s-energy-industry-from-oil-fields-to-pipelines-idUSKCN2250FQ

PS --add ethanol producers to the above

[ergophobe]

Billionaire investor Howard Marks just told CNBC on Monday that “the world is more screwed up” than what the action in the stock market might lead you to believe.

https://www.marketwatch.com/story/warren-buffetts-favorite-indicator-scares-the-beejezus-out-of-this-investor-2020-04-20

[ergophobe]

Hussman, who’s been very vocal about getting burned by his bearish misfires in recent years said the current position of this market is reminiscent of Rodrigue’s “return to normal” stage. If that’s the case, “fear” and “capitulation,” followed by “despair,” are still to come.

https://www.marketwatch.com/story/why-a-return-to-normal-could-mean-disaster-for-the-stock-market-2020-04-22

[littleman]

US private payrolls drop by 20.2 million in April, the worst job loss in the history of ADP report

[littleman]

Video that brought down the market today: Fed's Powell Says U.S. Economy Faces Unprecedented Risks

[Mackin USA]

Pier 1 is asking for approval to shut down its business and close all its stores.

I furnished my first apartment from these guys.

[Mackin USA]

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

https://www.bbc.com

[rcjordan]

L Brands to close 250 Victoria’s Secret stores, 50 Bath & Body Works locations
https://www.10tv.com/article/l-brands-close-250-victorias-secret-stores-50-bath-body-works-locations-2020-may

^{Hoo boy, adding all the closures & bankruptcies, there's going to be a LOT of dark glass out there.}

[Mackin USA]

Hertz

Rental-Car Company Hertz Files for Bankruptcy [WSJ]