On PR Newswire: How to Reopen Economies, Neiman Marcus and J.Crew File for Bankruptcy
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire for Journalists. Here are some of this week’s most newsworthy:
As governors and local policymakers wrestle with how to stage the reopening of their states’ economies in the shadow of the deadly COVID-19 pandemic, questions abound. Which businesses pose the greatest risks to human health? Which ones pose the least? Which are the most essential to the economy and social wellbeing? Which locations should reopen first — and which should be last? A new working paper from the MIT Sloan School of Management provides answers.
Neiman Marcus Group Enters into a Restructuring Support Agreement with a Significant Majority of its Creditors to Substantially Reduce Debt and Position the Company for Long-Term Growth
Neiman Marcus Group LTD LLC on May 7 announced that it has entered into a restructuring support agreement with a significant majority of its creditors to undergo a financial restructuring, substantially reducing its debt load and interest payments and supporting continued operations during the COVID-19 pandemic and beyond. The binding agreement with holders representing over two-thirds of the Company’s outstanding debt demonstrates broad commitment across creditor classes.
J.Crew Group, Inc. Announces Comprehensive Agreement to Deleverage Balance Sheet and Position J.Crew and Madewell for Long-Term Profitable Growth
J.Crew Group Inc. on May 4 announced it has reached an agreement with its lenders holding approximately 71% of its term loan and approximately 78% of its IPCo notes, as well as with its financial sponsors, under which the Company will restructure its debt and deleverage its balance sheet, positioning J.Crew and Madewell for long-term success.
Findings from an IBM Institute for Business Value (IBV) survey of U.S. consumers reveals shifting personal behavior and preferences resulting from the COVID-19 pandemic. The study polled more than 25,000 U.S. adults in the month of April to understand how COVID-19 has affected their perspectives on a number of issues, including retail spending, transportation, future attendance at events in large venues, and returning to work. The results revealed that not only do U.S. consumers surveyed plan to make significant changes in the way they go about their lives and work in the wake of the virus.
Zero percent finance deals surged to a record level in April as automakers pulled out all the stops to encourage new vehicle purchases during the coronavirus crisis. According to the car shopping experts at Edmunds, 0% finance deals accounted for 25.8% of financed purchases in April, compared to 4.7% in March and 3.6% in February. This is the highest level of 0% finance deals that Edmunds has on record dating back to 2004.
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Larry Grady is online content manager at PR Newswire for Journalists. He has worked in business media for nearly 30 years and enjoys reality TV and daydreaming about travel and wine.