JCPenney is closing 154 stores this summer
JCPenney is permanently closing 154 stores across 20 states this summer as part of its bankruptcy plan. The company, one of the most high-profile retailers to file for bankruptcy protection after being hit hard by the coronavirus, said it expects store closing sales to last around three months, and it will announce additional closures in…… MORE
New York Times says controversial Tom Cotton op-ed did not meet its standards
In a stunning reversal, The New York Times said Thursday evening that a controversial op-ed from Republican Sen. Tom Cotton did not meet its standards. The statement came only hours after the newspaper’s editorial page editor, James Bennet, defended publishing it amid outrage from staff. “We’ve examined the piece and the process leading up to…… MORE
Billionaires are only getting richer (of course), and 4 other business stories you need to read
We read all the news today so you wouldn’t have to. Here are the highlights (and some lowlights) from the business world today. EVERY SINGLE THING IS BROKEN Just when we thought 2020 couldn’t get much darker, we get a report that really brings it all home. Over the past three months, as millions of…… MORE
The Gap posts a record $932 million loss
By far the worst quarter in the 51-year history of the Gap produced a $932 million loss for the clothing retailer, but left it on its feet. And for a sector that has seen bankruptcies at national retailers such as JCPenney, Neiman Marcus and J.Crew, that pretty much counts as a win. The Gap closed…… MORE
Mark Cuban was seriously weighing a run for president last month. Here’s why he decided against it
In the midst of the coronavirus pandemic, while many people were learning how to bake sourdough or plant a garden, Mark Cuban was considering a run for president. He even hired a pollster. The billionaire Dallas Mavericks owner has criticized President Donald Trump and discussed harboring presidential ambitions for years. But several weeks ago, Cuban…… MORE
US billionaires have become $565 billion richer during the pandemic
The past three months have been financially painful for many Americans — but not for billionaires. US billionaires have become $565 billion richer since March 18, according to a report published Thursday by the Institute for Policy Studies, a progressive think tank. Total wealth for billionaires now stands at $3.5 trillion, up 19% from the…… MORE
New York Times publisher responds to staff outrage over Tom Cotton op-ed
The publisher of The New York Times sent a memo to employees on Thursday morning after dozens of staffers publicly revolted over an opinion piece in which Republican Sen. Tom Cotton called for the US military to be deployed to cities across the country during the current protests. The publisher, A.G. Sulzberger, said he understood…… MORE
ZoomInfo just went public. No, not that Zoom
A company called ZoomInfo went public on Thursday. But don’t confuse it with Zoom Video — even though its shares are soaring, too. ZoomInfo is a business-to-business database software firm founded in 2000, 11 years before Eric Yuan started Zoom Video. On Thursday, ZoomInfo went public, selling 44.5 million shares at a price of $21.…… MORE
NBA Hall of Famer David Robinson says the black community is tired of business as usual
David Robinson is a two-time NBA champion, Basketball Hall of Famer and a two-time Olympic gold medal winner. He’s also a graduate of the United States Naval Academy and co-founded a successful investing firm that he’s operated since his retirement from basketball in 2003. Yet even with his long list of accomplishments, some people only…… MORE
Europe’s ‘stimulus fireworks’: ECB and Germany throw new wall of money at the economy
Europe is throwing money at the region’s deepest downturn since the Great Depression. It still may not be enough to spur a strong recovery in the second half of the year. The European Central Bank on Thursday said it would expand its massive bond-buying program to combat the shock from the coronavirus pandemic. The central…… MORE
