13/07/2020
COVID 19 and FEAR of covid, has brought the world to its knees. If your company is still there, and there are no pay cuts or layoffs, treat your company and your customers, your patients very well indeed.
2020 is about survival. Take care of yourself and your loved ones. The survivors must bond together and support each other to go through and to rebuild.
1. Victoria's Secret declared bankruptcy.
2. Zara closed 1,200 stores.
3. La Chapelle withdrew 4391 stores.
4. Chanel is discontinued.
5. Hermes is discontinued.
6. Patek Philippe discontinued production.
7. Rolex discontinued production.
8. The world's luxury industry has crumpled.
9. Nike has a total of $23 billion US dollars preparing for the second stage of layoffs.
10. Gold's gym filed for bankruptcy
11. The founder of AirBnb said that because of pandemic, 12 years of efforts were destroyed in 6 weeks.
12. Starbucks announced to permanently close their 400 stores.
13. WeWork isn't in a great spot.
The list goes on to the bone.
US 🇺🇸 economy landscape and Canada 🇨🇦 and other countries we all are in the same boat; we do 80% of our trade with the USA:
Nissan Motor Co. may close down in USA. Others may follow.
1. Biggest Car Rental company (Hertz) filed for bankruptcy - they also own Thrifty and Dollar
2. Biggest Trucking company (Comcar) filed for bankruptcy - they have 4000 trucks
3. Oldest retail company (JC Penny) filed for bankruptcy - to be acquired by Amazon.
4. Biggest investor in the world -Warren Buffet, lost $50B in the last 2 months
5. Biggest investment company in the world -BlackRock, is signalling disaster in the world economy - they manage over $7 Trillion. Yes 7 Trillion.
6. Biggest mall in America -Mall of America, stopped paying mortgage payments
7. Most reputable airline in the world -Emirates, laying off 30% of its employees
8. US Treasury and others, are printing trillions to try to keep the economy on life support
9. Estimated no. of retail stores closing in USA in 2020 - 12,000 to 15,000. Canada would be 10% if that.
Big retailers that have announced closing:
- J. Crew
- Gap
- Victoria's Secret
- Bath & Body Works
- Forever 21
- Sears
- Walgreens
- GameStop
- Pier 1 Imports
- Nordstrom
- Papyrus
- Chico's
- Destination Maternity
- Modell's
- A.C. Moore
- Macy's
- Bose
- Art Van Furniture
- Olympia Sports
- K Mart
- and more; much more.
USA 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. They fall, we fall. As USA is 80% of Canada’s market.
Humans are facing the pandemic and the fear of pandemic that cannot be controlled. The second half of 2020, is the challenge of corporate strength and relationships
2020 is about survival. Take care of yourself and your loved ones. The survivors must bond together to make it through to the other side and rebuild.
