Catching up: here’s what’s going on.
Kohl’s, the medium-priced clothing and accessories chain, said on Tuesday its sales fell 41% in the first quarter to $ 2.4 billion. He also reported a net loss of $ 541 million. The retailer said it had reopened about half of its 1,100 locations since May 4.
It’s over for Pier 1 Imports. The household goods retailer, which filed for bankruptcy in February, announced Tuesday that it will wind up its business. The company closed its stores in March due to the pandemic, but was still hoping to find a buyer to continue. Pier 1 said that as soon as he could open stores after the government-mandated lockdowns were lifted, he would sell his remaining stocks and assets.
Thai Airways, The flag bearer of Thailand announced Tuesday that it will undergo a reorganization of the bankruptcy court. The government-owned airline halted all flights in April due to travel restrictions to limit the spread of the virus. The government is intervening to help the airline restructure so that it does not go bankrupt and cost 22,000 jobs, Prime Minister Prayuth Chan-ocha told reporters. The airline said it would “resume operations after the Covid-19 situation is over.”
A prolonged global recession is the main short-term concern of risk management leaders, according to a report released Tuesday by the World Economic Forum. The report was based on surveys of 350 risk professionals, who also listed high unemployment, another outbreak and protectionism among their fears over the next 18 months.
The reports were provided by Jim Tankersley, Alan Rappeport, Deborah Solomon, Michael Corkery, Alexandra Stevenson, Eduardo Porter, David Yaffe-Bellany, Hisako Ueno, Sapna Maheshwari, David McCabe, Ben Dooley, Carlos Tejada, Maria Abi-Habib, Keith Bradsher, Jeanna Smialek, Kate Conger, Rich Barbieri, Mohammed Hadi and Gregory Schmidt.