Category: Business Ideas

Tailored Brands to Close Up to 500 Stores

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Tailored Brands Inc. is making some dramatic moves to right the ship.

Early Tuesday, the parent of Men’s Wearhouse and Jos. A. Bank said it will close up to 500 stores and slash 20 percent of its workforce due to the coronavirus.

As a result, the company expects to record a pre-tax charge of about $6 million in the second quarter of fiscal 2020 for severance payments and other termination costs, all of which are cash costs, it said.

Dinesh Lathi, president and chief executive officer, said, “We have safely reopened almost all

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‘There will be damage.’ How new coronavirus shutdowns will hammer Sacramento’s economy

Jay Brown, owner of King of Curls on Freeport Boulevard, has survived in the Sacramento business scene for 50 years by being nimble and finding market niches, starting with hair-styling for Black customers, then adding dreadlocks and hair braiding.

He now faces a new challenge.

Amid a dangerous surge in COVID-19 cases, Gov. Gavin Newsom on Monday ordered the shutdown of a broad swath of businesses in most of California, including hair salons.

Brown’s reaction is to adapt. He had already begun selling imported African-American clothing and he just got a large shipment of distinctive West African face masks to

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Goldman (GS) Q2 Earnings Beat, Provisions Up on Coronavirus Scare

Goldman Sachs GS reported second-quarter 2020 earnings per share of $6.26, significantly surpassing the Zacks Consensus Estimate of $3.97. Also, the bottom-line figure compares favorably with the earnings of $5.81 per share recorded in the year-earlier quarter.

The stock rallied more than 5% in pre-market trading, reflecting investors’ optimism with the results. Notably, the full-day trading session will display a clearer picture.

With the market volatility flaring up on the rising coronavirus concerns, the bank’s results were aided by higher Fixed Income, Currency and Commodities Client Execution (FICC) revenues during the reported quarter. Also, underwriting business displayed strength. In addition,

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Pfizer Shots Get Fast Track; Florida Cases Rise: Virus Update

(Bloomberg) —

Pfizer Inc. and BioNTech SE received permission from the U.S. Food and Drug Administration to fast-track two vaccine candidates, boosting their shares.

Hong Kong reported 41 new local cases, another record high, and tightened social-distancing measures amid fears of a resurgence after weeks of near-normal activity. More than half a million residents defied the fresh outbreak and government warnings to vote in an unofficial primary.

India added more than 50,000 over the weekend, with deaths topping 1,000.

Key Developments:

Global Tracker: Cases top 12.9 million; deaths surpass 569,600Covid-19 reinvades U.S. statesDeath rate in majority-Black countries is getting worseThe

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Personal bankruptcies plunge during pandemic, but ‘a flood’ could be on the horizon

Even as the coronavirus pandemic battered the economy, forcing tens of millions of workers to file for unemployment and shuttering businesses large and small, a surprising trend emerged: The number of people filing for personal bankruptcy plunged.

In April, consumer bankruptcies dropped 47% from the same month last year, while May filings were down 43% year over year, according to the American Bankruptcy Institute. For the first half of the year, bankruptcies were 24% lower than the first six months of last year.

Experts pointed to numerous factors for the slowdown. 

Courts and attorneys’ offices remained closed during state shutdowns.

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