The Tsunami of bankruptcies begins…

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 – their balance sheet will become $7 T+

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…

World-renowned brands from January to May because of the impact of the epidemic:

Victoria’s Secret declared bankruptcy,
ZARA closed 1,200 stores,
La Chapelle withdraws 4391 stores,
Chanel was discontinued,
Hermes is discontinued,
Patek Philippe discontinued production,
Rolex discontinued production,

The world’s luxury industry has ceased production,

Nike has a total of 23 billion US dollars, preparing for the second stage of layoffs,
Needless to say about travel,

The founder of Airbnb said that because of the epidemic, 12 years of efforts were destroyed in 6 weeks,

Even Starbucks also announced “to permanently close 400 stores”

Under the weight of the new crown epidemic, many giants are facing the crisis of failure!

Five months of the epidemic, 780 million people were in debt, and tens of thousands of companies went bankrupt, so the company was seriously replaced.

Massive mortgage loan defaults, credit card defaults and auto loan defaults are expected

The real impact of Covid -19 will be known in the third quarter of 2020.

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…

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