The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Wednesday related to the national and global response, the work place and the spread of the virus.
RETAIL STRUGGLES: Capri Holdings, which runs the Versace, Jimmy Choo and Michael Kors brands, anticipates its fiscal first-quarter revenue will be down about 70% compared with the prior-year period. The company blamed the forecast on store closures, the gradual recovery in revenue as stores reopen and low wholesale shipments.
Capri says approximately 70% of its 455 retail stores in the Americas region are open. It expects to open the vast majority of the remaining stores by the end of the second quarter. Capri has 98% of its stores open in the Asia and EMEA regions.
NPC International, the country’s largest franchisee of Pizza Hut and Wendy’s restaurants, filed for Chapter 11 bankruptcy…
Source news reuters.com, click here to read the full news.