Coronavirus causes Macy's to close all stores through March

Macy’s reveals revamping plan to woo investors

FOX Business’ Kristina Partsinevelos reports on Macy’s closing over 100 stores and its plans including reformatting stores and improving fashion.

By Colin Kellaher

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Macy's Inc. said it will temporarily close all of its stores by end of business Tuesday in response to the spread of the novel coronavirus.

MACY'S STRONG HOLIDAY SEASON BRIGHTENS LACKLUSTER YEAR

The Cincinnati department-store operator said the closures, effective through the end of the month, include all Macy's, Bloomingdale's, Bluemercury, Macy's Backstage, Bloomingdales the Outlet and Market by Macy's stores.

Macy's said it will provide benefits and compensation to employees affected by the closures, adding that it will continue to serve customers through its e-commerce sites.

The company said it will work with government and health officials to assess when it can reopen its stores.

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Shares of Macy's were recently down 5.6% to $6.33 after reaching a 52-week low of $6.00 earlier in the session.

Government promises £330 billion to support business through coronavirus

Chancellor Rishi Sunak has promised to do ‘whatever it takes’ to protect the UK from the economic fallout of the coronavirus crisis.

The minister promised further action on top of measures announced in last week’s Budget, saying that ‘never in peacetime have we faced an economic
fight like this one.’

He offered £300 billion of government-backed loans, equivalent to 15% of GDP.

He also pledged a three month mortgage holiday for anyone who needs it.

This is breaking and will be updated.

Oil Futures Plunge Over 6%, Settle At Fresh 4-year Low

Crude oil prices plunged sharply on Tuesday, extending recent losses, and settled at a fresh 4-year low, amid concerns about outlook for energy demand.

Global central banks and several governments have announced stimulus measures, aiming to limit the impact of the coronavirus outbreak on the global economy, but concerns about energy demand continue to linger.

A price war between Saudi Arabia and Russia following recent disagreement in OPEC+ meeting about production cuts weighed on the commodity.

U.S. President Donald Trump’s warning that the U.S. may be heading into a recession amid slowing global economic activity, and a report from Societe Generale that warns “oil demand destruction” will peak in the second quarter, also contributed to the drop in oil prices.

West Texas Intermediate Crude oil futures for April ended down $1.75, or about 6.1%, at $26.95 a barrel, the lowest settlement price since February 2016.

Brent Crude oil futures were down 3.2% at around $29.00 a barrel.

On Monday, WTI crude oil futures for April ended down $3.03, or about 9.6%, at $28.70 a barrel, not far off the day’s low of $28.03 a barrel.

Meanwhile, traders were looking ahead to weekly oil inventory data from the American Petroleum Institute (API) and Energy Information Administration (EIA).

While data from API is due later today, the EIA’s inventory data will be out Wednesday morning.

Gray Television Said To Withdraw Bid For Tegna

Gray Television is said to have withdrawn its bid for Tegna,

The company had offered $20 a share, or $8.5 billion in combined cash and stock for Tegna. Its bid was followed by identical offers from private equity giant Apollo Global and Byron Allen’s Allen Media – both all cash offers, also for $8.5 billion.

Those offers appear to still be on the table.

Gray’s move was reported by Reuters. The company could not be immediately reached for comment. Allen Media declined to comment, as did Tegna. Apollo couldn’t be immediately reached.

A source familiar with the matter sad Tegna has fully engaged and provided diligence to all three bidders.

A large Tegna shareholder Standard General has put up an alternate board slate of five new members in opposition to the company’s nominees, indicating it was necessary to ensure the company properly consider all offers.

Gray is smaller than Tegna, which made the deal a stretch in the best of circumstances. And with hares plummeting in a volatile market shaken by coronavirus fears, a stock component in an acquisition offers may have been problematic.

Gray stock surged nearly 17% to $10.92, indicating investors are relieved.

Tegna shares were flat at $14.99.

Steve Mnuchin Says He’s Working To Get Checks To Americans ‘Immediately’

The Trump administration said Tuesday that it is examining several options for issuing money to Americans in an effort to help address economic concerns related to the coronavirus outbreak.

There are at least four different ways to get money in the hands of American workers, President Donald Trump said during a press briefing at the White House. Issuing a payroll tax is one way, he said, but it would take too long.

Such a tax credit “would get people money over the next six to eight months. We’re looking to send checks to Americans, immediately,” said Treasury Secretary Steven Mnuchin.

“Americans need cash now, and the president wants to get cash now,” he said. “And I mean now, in the next two weeks.”

Mnuchin said he will discuss with Republicans exactly how much would be provided to Americans later in the day.

Trump added that “obviously some people shouldn’t be getting checks.”

“We don’t need to send people who make a million dollars a year checks,” Mnuchin said.

The administration’s current financial efforts include payments to small businesses, loan guarantees to certain industries, and a stimulus package for American workers.