The 35-year-old pizza chain filed for Chapter 11 Thursday, explaining that the process will help it “reduce its long-term debt load, and quickly emerge from bankruptcy as a much stronger company.” It warned that it will close unprofitable locations, but didn’t say how many of its 200 global restaurants will be affected.
“The unprecedented impact of Covid-19 on our operations certainly created additional challenges, but this agreement from our lenders demonstrates their commitment to CPK’s viability as an ongoing business,” CEO Jim Hyatt said in a release.
Decline in U.S. leading indicators easily shatters all prior records
The numbers: The collapse of the U.S. economy because of COVID-19 is becoming more evident by the day, the latest sign a record 6.7% decline in the leading economic indicators in March.
The closely followed index, published by the U.S. Conference Board, measuring the nation’s economic health tracks 10 indicators, most of which showed sharp deterioration last month. New jobless claims posted a record surge, for instance, and stock prices plummeted.
The steep drop in the 60-year-old index shattered the prior record of a 3.4% decline in October 2008, when a financial panic plunged the U.S. into its deepest recession since World War Two.
The decline is all but certain to be even worse in April — probably a lot worse. The economy only started shutting down in the second half of March as the states and federal government ramped up efforts to slow the spread of the coronavirus.
“Recession, if you hadn’t guessed,” noted Scott Brown, chief economist at Raymond James.
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2,081,969 confirmed infections, up from 2,000,984 yesterday.
138,487 confirmed deaths, up from 128,071 yesterday.
Another 5.245 million filed for unemployment last week, bringing the total to 22 million unemployed.
This means that all the jobs created in the past 11 years have vanished.
Yes, ALL the jobs created since the Great Recession have been lost.
Dow is fluctuating, beginning the day down around 300 and down about 200 as this goes to press, to the low 23k range.
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Elizabeth Warren said “Yes!” when asked if she’d accept Joe Biden’s invitation to be his running mate.
She got a little ahead of the story since Joe Biden hasn’t actually asked her yet.
He may. He’s already committed to nominating a woman.
(CNN) Michael Che wants to honor his late grandmother who died after contracting the coronavirus. The “Saturday Night Live” star took to Instagram on Wednesday to announce that he plans to pay one month’s rent for all of the individuals living in his grandmother’s public housing complex. “It’s crazy to me that residents of public housing are still expected to pay their rent when so many New Yorkers can’t even work,” Che wrote in the post. “Obviously I cant offer much help by myself. But in the spirit and memory of my late grandmother, I’m paying one month’s rent for all 160 apartments in the NYCHA building she lived in.”
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APRIL 15–Like many quarantined twentysomethings, a Florida Woman and her girlfriend were passing the day online yesterday when a “verbal altercation” over TikTok videos allegedly turned violent, leading to a domestic battery arrest.
According to cops, Ashley Stupi, 23, slapped her 24-year-old girlfriend “with open hands” during a scuffle Tuesday afternoon in the victim’s St. Petersburg apartment. The victim, cops reported, sustained “minor scratches on her arms and legs.”
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After recovering a chunk of the losses racked up during the worst of the coronavirus-induced selloff last month, the stock market finds itself at a crucial inflection point, writes Alan B. Lancz.
“The next 45 days may just become the most critical period in U.S. financial history,” he wrote in a newsletter published Wednesday. “While on average we may face a bear market every 10 years, this one is like no other,” he said.
The contrarian money manager, who is a disciple of famed investor Sir John Templeton, said that the timing and execution of the reawakening of the U.S. economy from its dormancy could be one of the biggest factors in determining how the market recovers from COVID-19, which has forced swaths of businesses to shut down to help stem the spread of the deadly contagion that has infected more than 2 million people and claimed 137,000 lives, according to data aggregated by Johns Hopkins University as of Wednesday evening.
And even if the economic revival is executed flawlessly, the founder of the eponymous Toledo, Ohio-based investment advisory firm said the result will be a so-called U-shaped recovery, where a rebound in business and consumer activity from pre-crisis levels will be long and slow.
“Even if we execute properly, the recovery will take time and a best-case scenario is a ‘U’ shaped recovery,” he wrote. “The much talked about ‘V’ shaped recovery is no longer in the equation because of the unprecedented combination of negatives with this crisis,” he said, referring to hope for a recovery that is sharp and fast.