2020-09-21@00:30:53 GMT
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business closures:

    Located on one of the world’s most expensive strips of commercial real estate, the upscale Luxe Rodeo Drive hotel has closed, a casualty of a pandemic that is likely to put more hotels out of business. The 86-room hotel, which for 27 years shared a city block with such high-end outlets as Cartier and Harry Winston, notified its workers last week that it would permanently cease operations because of the financial effects of the COVID-`19 crisis. “Please accept my sincerest gratitude for your service and loyalty and know that this decision was not made lightly,” Efrem Harkham, the chief executive of Luxe Hotels, which owns or operates three other hotels in Los Angeles and New York, told workers in a...
    Nearly 60 percent of businesses that closed nationwide during the COVID-19 pandemic are never reopening again, according to a report. The vast majority of those businesses are restaurants and gift stores, according to Yelp’s Local Economic Impact Report, a monthly survey of business listings. As of Aug. 31, 163,735 businesses were listed as closed, with 97,966 of them permanent closures — a 23 percent increase from July 10, the report said. Within the retail sector, permanent closures of bars and nightclubs grew by 10 percent since July, while closures of beauty related shops grew by 23 percent over the same period. Fitness club closures grew by an alarming 23 percent. On Monday, the owner of New York Sports...
    Nearly 60 percent of businesses that closed nationwide during the COVID-19 pandemic are never reopening again, according to a report. The vast majority of those businesses are restaurants and gift stores, according to Yelp’s Local Economic Impact Report, a monthly survey of business listings. As of Aug. 31, 163,735 businesses were listed as closed, with 97,966 of them permanent closures — a 23 percent increase from July 10, the report said. Within the retail sector, permanent closures of bars and nightclubs grew by 10 percent since July, while closures of beauty related shops grew by 23 percent over the same period. Fitness club closures grew by an alarming 23 percent. On Monday, the owner of New York Sports Clubs filed...
    Loading the player... When the coronavirus pandemic was first announced many hoped that the disruption to the U.S economy would be temporary. But this week Yelp released an Economic Impact Report that reveals more than half the business closures across the nation have ended up being permanent. According to CNBC, Wednesday, Yelp’s September report was released, which marks six months since March 1, the date that the company considers to be the start of the current business crisis. READ MORE: ESPN’s Maria Taylor thanks team for support after white host fired for ‘degrading’ comment FREEPORT, NEW YORK – MAY 20: A general view of a shuttered Pier 1 store on May 20, 2020 in Freeport, New York. Pier 1...
    Six months into the economic disruption of COVID-19 in the United States, Yelp has found that more than 60% of business closures that have occurred since March 1 have become permanent, CNBC reported. Breaking down the numbersFrom March 1 through Aug. 31, 163,735 businesses have changed their status to reflect closures on Yelp, one of the world's most popular online business directories. That represents a 23% increase in closures since mid-July, indicating that while the health impact of the virus may be lessening in some places, the business impact is still severe. Of those 163,735 businesses, 97,966 of them have been marked as permanently closed — nearly 60%. That number of permanent closures is a 34% increase since mid-July. ...
    More than half of American businesses that closed down due to economic lockdowns are permanently shuttered, according to data Yelp published Wednesday. There’s been a 23% increase in the number of business closures since mid-July, with the number of permanent closures reaching 96,966, representing 60% of closed businesses that will not be reopening, the data show. The closures came after government officials began instituting stay at home orders in March to slow the pandemic, which originated in China before spreading to the U.S. “Overall, Yelp’s data shows that business closures have continued to rise with a 34% increase in permanent closures since our last report in mid-July,” Justin Norman, Yelp’s vice president of data science, told CNBC on Wednesday. (RELATED:...
    Sixty percent of the business closures since the pandemic hit in March are permanent, according to online business reviewer Yelp. As of Aug. 31, over 160,000 businesses had closed since March 1. Nearly 100,000 of them are permanent, Yelp reported Wednesday. The restaurant industry is one of the sectors hardest hit as social distancing guidelines have made it a struggle for them to serve customers at a sufficient capacity. Of the over 32,000 restaurants that have closed since the pandemic, roughly 20,000 of the closures are considered permanent, according to Yelp. That’s a 61% closure rate. “Breakfast and brunch restaurants, burger joints, sandwich shops, dessert places and Mexican restaurants are among the types of restaurants with the highest rate of...
    Pedestrians wearing protective masks walk by a sign displayed outside a retail store in Harlem, New York City, saying it's going out of business.Noam Galai | Getty Images Yelp on Wednesday released its latest Economic Average Report, revealing business closures across the U.S. are increasing as a result of the coronavirus pandemic's economic toll.  As of Aug, 31, 163,735 businesses have indicated on Yelp that they have closed. That's down from the 180,000 that closed at the very beginning of the pandemic. However, it actually shows a 23% increase in the number of closures since mid-July. In addition to monitoring closed businesses, Yelp also takes into account the businesses whose closures have become permanent. That number has steadily increased throughout...
    With studios closed since March, streaming yoga classes from the floor of a cramped apartment has become a well-worn quarantine trope over the past six months. And it’s one that may carry on even longer than expected. While New York City gyms have spent the past few weeks reopening their doors — complete with new distancing, mask and sanitization requirements — city officials have restricted group fitness classes indefinitely, leaving yoga studios in a state of limbo.  Like restaurant and gym owners before them, a group of boutique fitness studio owners is now suing the city over the ongoing closures, saying that they’ve been kept from “their liberty and property interests without due process.” (The mayor’s office declined to comment...
    Lady Gaga’s father, Joe Germanotta, said he’s going to be “out of business” as he explained why he’s joined with other restaurant owners in New York City in a lawsuit over indoor closures due to pandemic. “Once the weather gets cold, we’re pretty much out of business,” Joe Germanotta, the owner of Joanne Trattoria in Manhattan shared, per Fox Business in piece published Sunday over the $2 billion suit against New York Gov. Andrew Cuomo and New York City Mayor Bill de Blasio. (RELATED: Lady Gaga’s Dad Deletes GoFundMe Page For Family Restaurant Following Backlash) “We’re able to have about 20 seats out front now,” he added.  “I’ve got a patio with a couple of seats on the back, but...
    It's been 109 days since the House passed the $3 trillion HEROES Act, emergency coronavirus funding, a bill that Mitch McConnell has refused to consider in the Senate. In those 109 days, the U.S. Postal Service has been brought to its knees; millions of people have seen their unemployment benefits slashed; millions more people became unemployed; eviction moratoriums have ended; food assistance has been cut. Tens of thousands of people have died of coronavirus. Oh, and we're 29 days from a possible government shutdown, when government spending ends with the fiscal year. The response to all this from the Republican Party was on full display last week at the convention. Nothing to see here, coronavirus is over. The response from...
    A person walks into the Nordstrom store open for business as New York City moves into Phase 2 of re-opening following restrictions imposed to curb the coronavirus pandemic on June 29, 2020 in New York, New York.Rob Kim | Getty Images Nordstrom said Tuesday its net sales fell 53% during the second quarter, as its stores took a hit from being temporarily closed during the coronavirus pandemic, and its online business suffered due to a shift in timing of its annual Anniversary Sale.  Its shares fell more than 8% in after-hours trading.  Here's how the retailer did during its fiscal second quarter, compared with what analysts were expecting, based on Refinitiv data:  Loss per share: $1.62 vs. a loss of...
    Iowans grapple with aftermath of Mondays deadly derecho, a disaster that we have never seen 13 Photos That Show the “New Normal” of Restaurants Small businesses only accounted for 18% of pandemic-driven job losses, Goldman Sachs says © Roy Rochlin/Getty Images Waiters wear face masks as they serve people sitting in outside seating at the P.J. Clarke's restaurant at Rockefeller Park in lower Manhattan during the fourth phase of the coronavirus reopening on August 05, 2020 in New York, New York. Roy Rochlin/Getty Images Small businesses are recovering well from the coronavirus pandemic and resulting lockdowns, Goldman Sachs economists led by Jan Hatzius said Sunday. Active small businesses shrank by 25% in April but now stand just 6%...
    LIVERMORE (KPIX) — Street closures in downtown Livermore were supposed to help businesses survive the pandemic but they ended up hurting many retailers. So, the city has decided to reopen First Street this weekend. “(Business is) between 50 to 75% down on weekends,” said Sherri Swanson, owner of Main Street Designs, a boutique. Swanson hopes her business will return to normal now that customers can drive and park in front of her store. “Younger people are more willing to come out and do outside dining and that is not really our customer. We cater to older clientele,” said Swanson. Livermore shut down parts of First Street on previous weekends to encourage outdoor dining with the idea that people will shop...
    More than 100 business CEOs have signed onto a letter urging Congress and the White House to come to agreement on a fourth coronavirus relief deal to head off what could be a 'catastrophic' wave of small business closings. The letter, steered by Starbucks chairman emeritus Howard Schultz, comes as Democrats and Republicans are hung up over a deal that would extend expired $600 per week federal unemployment benefits.  They want to extend the Paycheck Protection Program to send a new round of loans to small businesses. Many used the program as a lifeline, while others weren't able to qualify or didn't apply, as millions of Americans joined the unemployment rolls amid the coronavirus pandemic.  Starbucks chairman emeritus Howard Schultz...
    By: KDKA-TV News Staff PITTSBURGH (KDKA) — The impact of the Coronavirus pandemic on businesses has resulted in fewer people in the workplace and an explosion of available space. KDKA’s John Shumway looked into this situation for more. It can almost be depressing driving through some sections of town right now — but there is hope. The fact is that the pandemic is changing the landscape of business. According to a study by McKenzie and CBRE, companies say that 70% of their workforce can work remotely for the foreseeable future. CBRE’s Executive Vice President of Retailer Services Herky Pollock says ‘This Space For Rent Or Lease’ signs are popping up everywhere. “We’re going through, obviously, a correction due to COVID,...
    SACRAMENTO (CBS13) – Amid several businesses closing their doors due to the coronavirus pandemic, one Sacramento pharmacy is soon opening theirs. “The reason this is called Ten Acres Pharmacy is because in 1918, where this is located, there were 10-acre tracts,” said owner Sonya Frausto. Frausto is putting the finishing touches on her new business in Curtis Park. She had hoped to open in May, but COVID-19 slowed construction. So she has been stocking up on products. “On local products, small businesses, women-owned businesses, minority-owned businesses, so a lot of the products you see that are kind of unique that you don’t see,” she said. Frausto decided to make the move after being laid off from a larger pharmacy. She...
    Reuters July 29, 2020 0 Comments After surviving two strokes at age 27, Olivia Colt threw herself into starting a catering business, a lifelong dream. Ten years and another stroke later, she had built Salt & Honey Catering Plus Events into a thriving operation in downtown Oakland. Now with the coronavirus pandemic forcing cancellations of her customers’ weddings and events, she has slashed her staff from 25 to six and tried to drum up new business by selling groceries online. She secured a $100,000 forgivable loan under the U.S. Paycheck Protection Program (PPP) and another $150,000 loan under a federal program usually used for natural disasters. She expected the money to get her through just a few months of...
    Thousands of businesses in Illinois have closed since Gov. J.B. Pritzker issued stay-at-home orders to reduce the spread of COVID-19, according to a quarterly report from the consumer review website Yelp, which said more of those businesses will remain closed rather than reopen. In its “economic average” report, Yelp found about 5,100 Illinois-based business listings on its site have either temporarily closed or will permanently shutter. “With nearly every state (and even county) taking a tailored approach to reopening local economies we expect these shifts in consumer interest and business closures to continue to move at an unpredictable pace,” the report said. Most of the closures, 4,400, were listed as Chicago-based businesses. “It’s very tough to...
    (CNN) — At the beginning of the pandemic, the owners of Guerrilla Tacos in Los Angeles felt optimistic. Like other businesses, they were told in March they had to close due to the coronavirus stay-at-home that went into effect in California and most of the country. So the owners put their heads together to come up with a plan to help those in need, as well as their own business. They shifted their business strategy and began selling “Emergency Taco Kits,” a so-called survival pack filled with five pounds of roasted chicken, five pounds of carne asada, a quart of red salsa, a quart of green salsa, tortillas, onions, cilantro, and rice and beans. They also came with emergency essentials: Four...
    Los Angeles (CNN)At the beginning of the pandemic, the owners of Guerrilla Tacos in Los Angeles felt optimistic.Like other businesses, they were told in March they had to close due to the coronavirus stay-at-home that went into effect in California and most of the country. So the owners put their heads together to come up with a plan to help those in need, as well as their own business. They shifted their business strategy and began selling "Emergency Taco Kits," a so-called survival pack filled with five pounds of roasted chicken, five pounds of carne asada, a quart of red salsa, a quart of green salsa, tortillas, onions, cilantro, and rice and beans. They also came with emergency essentials: Four...
    New York (CNN Business)Tailored Brands, which owns suit sellers Men's Wearhouse and Jos. A. Bank, is shuttering hundreds of stores and drastically reducing its corporate workforce as the coronavirus pandemic continues to decimate the retail industry. The company has identified 500 stores for closures and said it's cutting 20% of its corporate positions in hopes of strengthening its "financial position and enable it to compete more effectively in the challenging retail environment," according to a release. The company has around 1,500 stores in the United States, with about half operating under the Men's Wearhouse name."Unfortunately, due to the Covid-19 pandemic and its significant impact on our business, further actions are needed to help us strengthen our financial position so we...
    SAN FRANCISCO (CBS SF) — Beginning Monday, indoor malls like Westfield San Francisco Shopping Centre and the Japan Center in Japantown, and non-essential offices will shut down once again. Mayor London Breed said the rise in COVID-19 cases is largely due to people hanging out with others outside of their immediate household. “We have flattened this curve once and we must do it again,” said Breed on Friday. “But what I am afraid of is the complacency. People are tired of the virus, but the virus is not tired of us.” San Francisco was one of the first cities in the US to shut down, and it has not been quick to reopen. But the new round of restrictions...
    BALTIMORE (WJZ) — For the past few weeks, Baltimore City has shut down several roads in Fells Point so restaurants can have more outdoor dining space amid the coronavirus pandemic. But some business owners say it’s keeping people away. They say their businesses are already struggling financially, and the closures are making things worse. >>WJZ has a new news app! Download it now!
    The COVID-19 pandemic could have lasting consequences for property owners, especially if business closures shift property tax burdens to homeowners. Property taxes aren’t implemented like income taxes, where a percentage of each dollar earned is diverted to the taxing body. Instead, the taxing body sets an amount it needs and spreads that burden over all the properties that fall within its boundaries based on assessed value. In the case of businesses, they’re taxed partly on how well their business does. In times of disasters that suddenly cut the business’ income, the property owner can have the company's tax burden reduced. That was the case for many businesses forced to close their doors in March under Gov. J.B....
    CHICAGO (WLS) -- The famous Manny's Deli is pleading with their regulars to return as Eden and Kiki's Bistro announce they are closing permanently due to the COVID-19 pandemic.The owner at Manny's Deli says like many businesses right now, the pandemic is creating a tough situation. They are trying to keep their business afloat and are taking to social media to find help.Fourth-generation owner Dan Raskin sent out a tweet Tuesday, saying, "We are struggling. This isn't a joke. Support your fav deli for dinner tonight. Thx"They are not in danger of closing yet, but things are not looking good. Manny's catering and take-out business wasn't enough after the pandemic began.Raskin has even set-up a GoFundMe page to help raise...
    SCHAUMBURG, Ill. (WLS) -- The Tru Bleu women's boutique has been able to welcome customers back inside for several weeks, but it is still far from business as usual.The boutique survived to this point on delivery and curbside sales, but it's has been a struggle."Since mid-March I've been questioning should I close? But I don't t... I love my business," said Jennifer McCloskey, the owner.McCloskey is not alone.While many retail businesses were able to reopen at the start of Phase 3 in early June, experts said it is far from back to normal for most of the retail industry.The head of the Retail Merchant's Association said the industry is on life support."People think just because you're open that it's back...
    By Jordyn Holman, Bloomberg Bed Bath & Beyond plans to shrink its store base, closing 200 stores over the next two years in a bid to cut costs and weather one of retail’s most challenging periods yet. The home goods retailer, which operates more than 950 of its namesake stores in the U.S. and Canada, declined to say how many jobs will be eliminated when it shutters about one-fifth of locations. It will try to place associates in surrounding stores when possible, and more details will be released in October, Chief Executive Officer Mark Tritton said in an interview. “We definitely will be reducing down our overall store profile and therefore our headcount,” Tritton said. Between the store closures and...
    SACRAMENTO, Calif. -- Gov. Gavin Newsom announced another three counties were added to the state's watch list of areas of concern amid the coronavirus pandemic.Napa, San Benito and Yolo counties were all added, bringing the total to 26. Several of the others are in Southern California, including Los Angeles, Orange, Riverside and San Bernardino counties.PHASE 4: When will California enter Phase 4 of reopening? Experts weigh inLast week, the governor ordered the closures of bars, indoor restaurants, zoos and museums in counties that have been on the state's watch list for more than three days. At the time, that applied to 19 counties, or about 70% of the state's population.On Wednesday, there are 23 counties on the watch list. The...
    SACRAMENTO, Calif. -- Gov. Gavin Newsom is scheduled to hold a press conference Wednesday at noon to give an update on the state's response to the coronavirus pandemic in California.PHASE 4: When will California enter Phase 4 of reopening? Experts weigh inLast week, the governor ordered the closures of bars, indoor restaurants, zoos and museums in counties that have been on the state's watch list for more than three days. At the time, that applied to 19 counties, or about 70% of the state's population.On Wednesday, there are 23 counties on the watch list. The governor may announce more mandatory closures for counties more recently added to the list.The state now has more than 277,000 confirmed COVID-19 cases and has...
    SAN FRANCISCO (KGO) -- Gov. Gavin Newsom is holding a press conference Wednesday at noon to give an update on the coronavirus pandemic in California.Check back to watch live. We'll be streaming the press conference here, on Facebook and YouTube.PHASE 4: When will California enter Phase 4 of reopening? Experts weigh inLast week, the governor ordered the closures of bars, indoor restaurants, zoos and museums in counties that have been on the state's watch list for more than three days. At the time, that applied to 19 counties, or about 70% of the state's population.On Wednesday, there are 23 counties on the watch list. The governor may announce more mandatory closures for counties more recently added to the list.WATCH LIST:...
    SACRAMENTO, Calif. -- Gov. Gavin Newsom is scheduled to hold a press conference Wednesday at noon to give an update on the state's response to the coronavirus pandemic in California.PHASE 4: When will California enter Phase 4 of reopening? Experts weigh inLast week, the governor ordered the closures of bars, indoor restaurants, zoos and museums in counties that have been on the state's watch list for more than three days. At the time, that applied to 19 counties, or about 70% of the state's population.On Wednesday, there are 23 counties on the watch list. The governor may announce more mandatory closures for counties more recently added to the list.The state now has more than 277,000 confirmed COVID-19 cases and has...
    SAN FRANCISCO (KGO) -- Gov. Gavin Newsom is holding a press conference Wednesday at noon to give an update on the coronavirus pandemic in California.We'll be streaming the press conference live here, on Facebook and YouTube.PHASE 4: When will California enter Phase 4 of reopening? Experts weigh inLast week, the governor ordered the closures of bars, indoor restaurants, zoos and museums in counties that have been on the state's watch list for more than three days. At the time, that applied to 19 counties, or about 70% of the state's population.On Wednesday, there are 23 counties on the watch list. The governor may announce more mandatory closures for counties more recently added to the list.WATCH LIST: Counties where COVID-19 is...
    McConnell claimed that he and other Senate Republicans are "hearing it all over the country, that it's made it harder actually to get people back to work." The temporary $600 benefit was a provision in the bipartisan coronavirus relief bill passed in March. The legislation, known as the CARES Act, approved $2.3 trillion in funds to stabilize the economy. The $600 amount was designed to bring total unemployment benefits up to 100% of what the average worker would otherwise earn. Economists say the program is an essential lifeline for workers and the nation's economy. A June report from Congress' Joint Economic Committee predicted that, without an extension of the federal supplement, another 2.8 million Americans could lose their jobs. The...
    The Mall of America was back in business on Wednesday, nearly three months after the Minnesota tourist attraction shut down because of the coronavirus. About 150 of the 500 stores in the Minneapolis suburb of Bloomington reopened their doors to a new shopping experience that included signs encouraging social distancing, reduced seating, touchless hand sanitizer stations and plexiglass dividers at checkout areas. The mall, which is the nation's largest, initially planned to reopen on June 1, but it pushed back the date because of protests in the Twin Cities over the death of George Floyd. Shoppers walking though the Mall of America in Bloomington, Minnesota, on Wednesday. (Emilie Richardson/Bloomberg via Getty Images) One of the early shoppers, Raekwon Martin,...