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Ralph Lauren to lay off thousands as pandemic dulls luxury fashion

Ralph Lauren to lay off thousandsRalph Lauren Corp said on Tuesday it would cut 15% of its global workforce by the end of this fiscal year as the luxury retailer strives to lower costs and ride out the impact of COVID-19 on sales and shopping habits.

The New York-based fashion house, which has 530 stores globally, said the changes would see it move more business online.

The company did not say how many or what type of jobs could go, but based on its last reported total workforce of about 24,900 employees, the changes could impact more than 3,700 employees.

“The changes happening in the world around us have accelerated the shifts we saw pre-COVID, and we are fast-tracking some of our plans to match them,” Chief Executive Officer Patrice Louvet said.

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MGM Resorts will lay off 18,000 of its furloughed employees starting next week

MGM lays of 18000

On Friday, MGM Resorts International told its staff it would lay off 18,000 of its furloughed employees in the US starting on Monday.

According to a letter sent from CEO Bill Hornbuckle to MGM Resorts employees, the company employed 52,000 full-time and 18,000 part-time workers in the US as of late last year, Reuters reported.

"Federal law requires companies to provide a date of separation for furloughed employees who are not recalled within six months. Regrettably, August 31, marks (that) date," Hornbuckle said.

Hornbuckle said that laid off employees will remain on the company's recall list and will retain benefits and seniority if they are rehired by the end of next year.

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Trump's COVID orders too little, too late to help U.S. economy, experts say

Too little too late to save economyTrump’s executive order and presidential memoranda, introduced on Saturday, would temporarily extend enhanced unemployment benefits at a reduced amount of $400 a week, defer payroll taxes for some workers, suspend federal student loan payments and potentially provide eviction relief. Even if he can overcome the legal questions surrounding his actions, the efforts may not pack much punch, economists say.

Mark Zandi, the chief economist at Moody’s Analytics, calculated the orders could provide just over $400 billion in total relief. JPMorgan Chase economist Michael Feroli wrote in an email note on Monday that the initiatives could contribute “less than $100 billion” in stimulus.

That’s versus the $1 trillion aid package proposed by the Republican-led Senate or the more than $3 trillion aid bill passed by the Democrat-led House of Representatives.

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Lord & Taylor, the country’s oldest department store chain, files for bankruptcy

Lord & Taylor files for bankruptcy

Lord & Taylor, the country’s oldest department store chain, filed for bankruptcy on Sunday, joining about a dozen iconic retailers that have succumbed to Chapter 11 protection during the pandemic.

The once-storied institution, founded in New York in 1826, had in recent years fallen out of touch with high-end customers and younger shoppers. Le Tote, the clothing rental start-up that bought Lord & Taylor last year for about $100 million, also filed for Chapter 11 bankruptcy on Sunday.

The filings comes weeks after two other department store chains -- Neiman Marcus and J.C. Penney -- also filed for bankruptcy protection. The pandemic has wrecked havoc on already struggling retailers that have temporarily shuttered thousands of stores and furloughed more than 1 million employees since mid-March.

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3 Months Of Hell: U.S. Economy Drops 32.9% In Worst GDP Report Ever

Worst GDP in history

The coronavirus pandemic triggered the sharpest economic contraction in modern American history, the Commerce Department reported Thursday.

Gross domestic product — the broadest measure of economic activity — shrank at an annual rate of 32.9% in the second quarter as restaurants and retailers closed their doors in a desperate effort to slow the spread of the virus, which has killed more than 150,000 people in the U.S.

The economic shock in April, May and June was more than three times as sharp as the previous record — 10% in 1958 — and nearly four times the worst quarter during the Great Recession.

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Chamber of Commerce, others sues Trump administration over restrictions on work visas

US Chamber of Commerce
Top business groups representing multiple industries filed a lawsuit on Tuesday against the Trump administration over newly issued limits on work visas.

The U.S. Chamber of Commerce, National Association of Manufacturers (NAM), National Retail Federation (NRF), TechNet and International Training and Exchange (Intrax) filed the complaint against acting Homeland Security Secretary Chad Wolf and Secretary of State Mike Pompeo.

“American innovation rests on having the best and brightest working here. Over the past century, the United States has benefited immensely from courageous individuals who have left their homes, accepting an invitation to travel to America for temporary work,” reads the lawsuit filed in federal court in California.

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Ann Taylor and Loft parent files for Chapter 11; Justice stores closing

Ann Taylor parent company closing 1600 storesThe parent company of Ann Taylor and Loft, Ascena Retail Group, filed for Chapter 11 bankruptcy protection Thursday and said it would close some 1,600 stores.

According to CNBC, "Ascena was once the biggest clothing retailer for women in the country, having amassed a portfolio of well-known brands for various sizes and age groups."

Ascena also is in the process of shutting down Catherines and is shutting down 600 of its Justice stores.

Justice stores in Tupelo, Biloxi, Hattiesburg, Meridian, Ridgeland and Southaven will be closed.

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