Tipsheet: N.Marcus Bankruptcy Talks | JIT Jeff | H.Lobby Vision Changes
Trump says businesses could reopen — soon — while fighting coronavirus at CNBC. “At some point we’re going to open up our country, and it will be fairly soon,” Trump said during an evening press briefing on the fast-spreading virus. Asked whether “soon” could be a matter of weeks or of months, Trump replied, “I’m not looking at months.” Read more
These Drugs Are Helping Our Coronavirus Patients by Jeff Colyer & Daniel Hanthorn at Wall Street Journal. “Our experience suggests that hydroxychloroquine, with or without a Z-Pak, should be a first-line treatment. Unfortunately, there is already a shortage of hydroxychloroquine. The federal government should immediately contract with generic manufacturers to ramp up production.” WSJ subs.
JUST IN TIME JEFF – Jeff Bezos sold a total of $3.4 billion in Amazon shares in the first week of February allowing him to avoid paper losses of roughly $317 million if he had held the stock through March 20 at Wall Street Journal. WSJ subs.
Neiman Marcus in bankruptcy talks with lenders: Report at Fox Business. “Bloomberg reported Neiman Marcus has held initials talks with lenders about a potential bankruptcy loan that would help keep the company running while it works out a recovery plan.” Read more
Trump signs executive order to prevent price gouging, hoarding of medical supplies by Morgan Chalfant at The Hill. Read more
Grocers Stopped Stockpiling Food. Then Came Coronavirus. at Wall Street Journal. “Kraft Heinz Co. Chief Executive Miguel Patricio said there was potential for the whole system to buckle under the pressure. “My biggest fear is that, what if the supply chain collapses?” he said.” WSJ subs.
Amazon fights coronavirus price-gouging, suspends 3,900 accounts at Fox Business. Read more
Hobby Lobby is slowly closing its stores after wife of the devout Christian chief exec had a vision from God telling the chain to stay open at Daily Mail. “Calls to stores around the country show some are open, some are closing…The confusion follows a letter sent to stores last week by chief executive David Green, who said his wife Barbara had had a heavenly vision about the coronavirus.” Read more
Instacart plans to hire 300,000 more workers at CNN Business. Read more
Nordstrom suspends dividend, halts buybacks and taps credit at CNBC. “The company is now targeting cutting expenses by more than $500 million this year, up from an initial savings target of $200 million to $250 million in fiscal 2020. “This includes ongoing efforts to realign inventory to sales trends,” it said.” Read more
Schnucks, Dierbergs installing plexiglass panels at checkouts to protect workers by Leah Thorsen at St. Louis Post Dispatch. “Schnucks said shoppers also can expect to see some of the partitions at pharmacy and service counters, and installation is set to be complete within a week.” Read more
Tipsheet Extra
Blue Apron stock soars more than 500%
Here’s what Walmart’s first drive-thru coronavirus testing sites look like
This is the end of an era for job interviews for hourly workers
Retailers are dangling deals online amid coronavirus
3M CEO: ‘Disappointing’ to see respirator masks at retail stores instead of hospitals
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