Sobering Economic Impact of the COVID-19 Crisis

Discussion in 'Politics' started by JoeNation, Jul 10, 2020.

  1. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    You think our country is not being impacted by the shut-down of the economy. . . Here are some sobering facts. . .

    If you have a job & your company is still operating, be very grateful....
    WHY?

    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. Even Starbucks also announced to permanently close their 400 stores.
    13. WeWork isn't in a great spot either
    The list goes on & on
    See the US economy landscape :
    Nissan Motor Co. may close down in USA
    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 for pennies
    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
    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 printing trillions to try to keep the economy on life support
    9. Estimated no. of retail stores closing in 2020 -
    12,000 to 15,000
    The following are 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
    - Specialty Cafe & Bakery
    and many many more.

    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...
    Under the weight of the new crown pandemic, many giants are facing the crisis of failure. 5 months of pandemic created a LOT of debt, and tens of thousands of companies went bankrupt. If you have business & your company is still there, and there are no pay cuts or layoffs, please treat your company & customers well. Humans are facing the pandemic that cannot be controlled. The second half of 2020, is the challenge of corporate strength & relationship!

    2020 is about survival.....Take care of yourself & your loved ones.
    Be happy with what you have!
     
    Mopar Dude likes this.
  2. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    Do you think that this pandemic might have been handled better by the last guy who actually had a plan for a pandemic? Actually had a team of doctors ready to address a situation exactly like this. Actually had a group of doctors in China working with the Chinese just in case something like this happened. Actually left a playbook for the next administration in case there was a pandemic. Maybe? I guess it isn't hard to imagine the rest of the world looking at us and saying that we brought this on ourselves by electing someone so phenomenally unqualified to handle the responsibility, that he literally gave up on the pandemic when he got bored with it and actually did everything imaginable to make the spread as bad as it could be by holding large public rallies, refusing to wear or talk about preventive measures such as masks, called the entire pandemic a Democratic hoax, and then decided to encourage states to reopen everything so that it would help his election chances.
     
    FryDaddyJr likes this.
  3. SmalltownMN
    Doh

    SmalltownMN Active Member

    You neglect to mention that many of these companies/brands were failing long before the pandemic hit.
     
  4. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    Is that a commentary on Trump's economy?
     
  5. SmalltownMN
    Doh

    SmalltownMN Active Member

    Um, have you heard of the internet? Many of these companies have been struggling (because of the internet) long before Trump even became POTUS. But sure, keep blaming Trump for everything.
     
  6. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    You neglected to mention it was the internet you were referring to.
     
  7. SmalltownMN
    Doh

    SmalltownMN Active Member

    Sorry, I keep forgetting about your common sense deficiency. Where did you find this garbage info, anyway? Some erroneous and downright misleading statements to be sure.
     
  8. FryDaddyJr

    FryDaddyJr Active Member


    I'm so tired of winning, aren't you?
     
  9. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    Um, have you heard of the internet?
     
  10. SmalltownMN
    Doh

    SmalltownMN Active Member

    So you copy and paste an article from the internet and don't include the source? Is that because the source is just as much garbage as the article is? Seriously, do you research any of the crap that you post?
     
  11. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    Do you just come here to argue and be a disagreeable little prick? You walk into this thread guns blazing and start attacking. Why should I care about sourcing anything for you? Source it yourself idiot.
     
  12. SmalltownMN
    Doh

    SmalltownMN Active Member

    My, my........when it's pointed out that you have posted garbage (plagiarized garbage at that), you get really testy don't you? Your true colors shine through so often on this forum.
     
  13. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    So specifically, what part of it is garbage?
     
  14. GeneWright

    GeneWright Active Member

    All of the items took place, and are attributable to COVID-19 hardships.

    The article is from The Mazatlan Post, a regional newspaper in which a journalist took the time to gather all the stories core elements and publish the OP post. What do you take issue with in the article?
     
  15. SmalltownMN
    Doh

    SmalltownMN Active Member

    The Mazatlan Post? That's the first place I go for news!!o_O The information contained in the article and the presentation of it is misleading, at best. Sure, some of the items listed can be attributed to Covid, but certainly not anywhere near the intent of this article and the OP. To say otherwise is utter nonsense.


    4. Chanel is discontinued.
    5. Hermes is discontinued

    What? These businesses have ceased to exist any longer?? Nope, they shut down for a period of time during the pandemic along with the rest of the world.

    12. Even Starbucks also announced to permanently close their 400 stores.

    I didn't realize that Starbucks only had 400 stores. Oh, what's that? They actually have over 15,000 in the US alone. Yes, they are closing 400 stores that are not equipped to deal with consumers under the current guidelines. Also, neglects to mention that 300 new Covid friendly establishments will open.

    This whole list shown below from the OP is impressive to tell the story of gloom and doom but, as I said earlier, many of these were failing long before we knew of Covid-19. I've added examples below in red italics that give us a little more truth:

    9. Estimated no. of retail stores closing in 2020 -
    12,000 to 15,000
    The following are big retailers that have announced closing:
    - J. Crew
    - Gap - announced store closures in March of 2019, did Covid start then??
    - Victoria's Secret
    - Bath & Body Works
    - Forever 21 - in October 2019, the fast-fashion mega-chain announced it would be filing for Chapter 11 bankruptcy and planned to close up to 178 U.S. locations
    - Sears - in November 2019, Sears revealed plans to close 96 stores in February 2020, including 51 Sears locations and 45 Kmart stores
    - Walgreens
    - GameStop - in 2020 the video-game chain said it expects store closures “to be equal to or more than the 320 net closures we saw in fiscal 2019 on a global basis.”
    - Pier 1 Imports
    - Nordstrom
    - Papyrus - filed for bankruptcy in January 2020 which prompted closures of all 254 locations - my goodness, Covid worked fast on this poor business!
    - Chico's - said in a 2019 press release that it will close 250 locations over the next three years and put more effort into online sales
    - Destination Maternity - in 2019 it was announced that 183 Destination Maternity locations will close after the company filed for Chapter 11 bankruptcy protection
    - Modell's
    - A.C. Moore - plans to close all 145 of its stores in 2020, according to an announcement made by its parents company, Nicole Crafts, in November 2019
    - Macy's
    - Bose
    - Art Van Furniture
    - Olympia Sports
    - K Mart - in November 2019, Sears revealed plans to close 96 stores in February 2020, including 51 Sears locations and 45 Kmart stores
    - Specialty Cafe & Bakery

    If I did research on all of the above, it would probably be the same or similar to the ones that I did find.

    Did the businesses above that made plans to close / file for bankruptcy know of this pandemic before the chicken even got loose????

    Give me a break. The hand wringing and piss in your pants hysterics that this country has seen from the left is getting very, very tiresome.

    @JoeNation , save your pillow talk for your other buddies and try to disagree with what I have just posted.
     
  16. GeneWright

    GeneWright Active Member

    Do you have something against the Mazatlan Post? I assume he found it because this article went viral.

    I'll concede that some of these are legitimately as you say, closing up for move to online/new formats and some of them aren't. Regardless, covid-19 has and will surely continue to act as a catalyst for speeding up these closures.

    While the businesses themselves may not be going completely out of business, is the raw job loss in America concerning? It takes far less people to staff a website than a store. It's probably just the future we're heading towards anyways, but it will be interesting to see how this pans out with our high unemployment rate coupled with jobs disappearing.
     
  17. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    Sources and citations at the bottom of the page.

    1 Percent COVID-19.jpg
     
  18. JoeNation
    Angelic

    JoeNation Patron Saint of Idiots

    Speaking of numbers, Trump made another grandiose statement about vague incredible numbers he sees by election day of course. I suppose they would be pretty incredible if you simply make them up.

    Trump Numbers.png
     

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