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The Corona Victims Worldwide


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The Corona Victims Worldwide

  #1 (permalink)
Legendary Market Wizard
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This is a random collection
of heavy losses (money / workers / assets etc.) by large companies worldwide.
Please include date of news, source, content of the loss.

example:
"Air Canada lays off at least half of its 38,000 employees
Covid-19 hits the aviation industry hard. The airline Air Canada is planning to lay off up to 60 percent of its employees. Many of them had already been laid off at the end of March."
source spiegel.de, today

For discussions about Corona cases please use the official thread here:


GFIs1


Last edited by GFIs1; May 16th, 2020 at 10:31 AM.
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  #2 (permalink)
Legendary Market Wizard
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Germany retail chain

"The ailing department store chain Galeria Karstadt Kaufhof is facing a clear-out. 80 of the approximately 170 stores of the group are to be closed. According to insiders, this is what the draft of the restructuring plan says. In addition, up to ten percent of jobs in the remaining stores are to be cut. It is a gloomy scenario for the company's approximately 28,000 employees, many of whom will now lose their jobs."

From spiegel.de, today

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  #3 (permalink)
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Don't you think this goes here:



That thread has been encompassing all of the financial related activity due to COVID and the effect on the economy.

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  #4 (permalink)
Legendary Market Wizard
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Hi @Big Mike
Thanks - and yes - I was thinking about before opening the thread.
My intention is just to form a LIST of occurences that is some guideline for own trading.

Thus to have a journal of disaster around the globe.

Not intended to have the discussion in this thread but pointing to the Recession thread.
So it is neatly arranged.

GFIs1

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  #5 (permalink)
Legendary Market Wizard
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(Reuters) today:
"Sales by US retailers slumped at a record pace in April due to the Corona crisis. They took 16.4% less than in the previous month, according to the Department of Commerce in Washington on Friday. There has not yet been a major decline since the statistics began in 1992. Economists surveyed by Reuters had only expected a minus of 12% after a sharp drop of 8.3% in March. Consumers spent less money on furniture, electronics and clothing in particular."

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  #6 (permalink)
Legendary Market Wizard
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J.C. Penney
One of the largest chains of stores in the USA collapses under its debt burden because of the Corona crisis: J.C. Penney has filed for bankruptcy. Nevertheless, millions in bonuses are still being paid to the heads of the corporation.
After years of decline, the Corona crisis has brought the traditional US department store chain J.C. Penney to its knees. The 118-year-old company filed for insolvency. Now the company wants to close down stores and search for a buyer. Around 85,000 people work for the company - making it the largest corona victim in US retailing to date.

From US source - today

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  #7 (permalink)
Legendary Market Wizard
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Flybe (GB) insolvency

Grounding: Corona virus breaks the neck of Europe's largest regional airline

The ailing British regional airline Flybe has ceased all flight operations with immediate effect. The airline was placed under state administration.

March 5th 2020 - UK news

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  #8 (permalink)
Legendary Market Wizard
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Australian Virgin Australia insolvency

The second largest Australian airline Virgin Australia has filed for bankruptcy as a result of the Corona crisis. According to an announcement, the company wants to reposition itself financially and emerge stronger from the Covid 19 crisis. Previously, the airline had not managed to get state aid amounting to 1.4 billion Australian dollars (815 million euros). According to Virgin, it is about 16,000 jobs. The company, which owns 130 aircraft, has billions in debt.

The airline is owned by Singapore Airlines, Etihad Airways and the Chinese companies HNA and Hanshan. The Virgin group of the British entrepreneur Richard Branson holds 10 percent.

April 21 - n-tv.de

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  #9 (permalink)
Legendary Market Wizard
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J. Crew

the mass-market clothing company whose preppy-with-a-twist products were worn by Michelle Obama and appeared at New York Fashion Week, filed for bankruptcy protection on Monday. It is the first major retailer to fall during the coronavirus pandemic, though other big industry names including Neiman Marcus and J.C. Penney are also struggling with the toll of mass shutdowns.
J. Crew was carrying a debt burden of $1.7 billion based on a leveraged buyout in 2011 by two private equity firms TPG Capital and Leonard Green & Partners even before the coronavirus brought clothing sales to a near-halt in its 181 stores, 140 Madewells and 170 outlets.

div. US newspapers May 3rd 2020

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  #10 (permalink)
Legendary Market Wizard
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Posts: 5,046 since Feb 2012
Thanks: 5,114 given, 10,569 received


Airlines

Ryanair
foresees 200 Mio minus in first quarter 2020. Next quarter will be worse.
Plans to take off again in June with first flights.

Emirates
According to Bloomberg the Airline Emirates plans to scratch 30,000 jobs.

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