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COVID-19 Business Brief: Lockdowns Having Dire Impact on Business Worldwide

BLOOMINGTON, MINNESOTA – America’s largest mall, the Mall of America is now two months delinquent on a $1.4 billion mortgage, according to the Financial Times. The owner of the Mall of America, a more than 2m square foot complex in Bloomington, Minnesota, that boasts a Nickelodeon Universe indoor theme park and more than 500 stores, missed its mortgage payments in April and May, documents prepared by Wells Fargo and reviewed by the Financial Times showed, the financial news website reported today.

Today, Mall of America announced some much-needed relief as curbside pickup is now allowed in Minnesota.  “Several stores have been added to our list of retailers available for our new contact-free curbside pickup service,” the mall said today. Check out mallofamerica.com/curbside for the latest info.

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Home Sales Drop Nearly 20%

CNBC reports home sales nationwide dropped 18% in April.  “Sales of existing homes fell 17.8% month-to-month, and were 17.2% lower than April 2019, seasonally adjusted, according to the National Association of Realtors. That puts the annualized pace at 4.33 million units, the slowest sales pace since September 2011,” CNBC said.

70% of Dubai Businesses Expected to Fail

Dubai is looked at by many in the world as the unbreakable empire of business success, wealth and riches, but COVID-19 might derail the success that city has been having.  According to a CNBC report, 70% of Dubai businesses are expected to fail and close their doors for good.  “A staggering 70% of businesses in Dubai expect to close their doors within the next six months as the coronavirus pandemic and global lockdowns ravage demand, a survey by the Dubai Chamber of Commerce revealed Thursday,” CNBC reports.

JC Penny Declares Bankruptcy, Closing 29% of All Stores

Retail giant JC Penny has announced it has filed for bankruptcy and closing 29% of its locations nationwide. “Days after filing for bankruptcy, J.C. Penney says it plans to close more than a fourth of its stores,” USA Today reported. “According to a document filed with the Securities and Exchanges Commission on Monday, approximately 29% of the retailer’s 846 stores, or 242 locations, will close between the current fiscal year and next fiscal year.”

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Pier One Imports Shutting Down Retail Stores, Bankrupt

The Wall Street Journal reported the bankruptcy of Pier One Imports.  “After nearly 60 years of selling home décor and accessories, Pier 1 Imports Inc. is permanently closing its retail stores in the wake of the coronavirus pandemic, though it hopes to sell its intellectual property and e-commerce business,” WSJ reported. “The Fort Worth, Texas, retailer on Tuesday sought bankruptcy-court approval to wind down its operations as soon as possible after its roughly 540 stores are able to reopen their doors and liquidate inventory.”

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Photo Mall of America, by Mall of America.

 

 

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