Add Brooks Brothers to the recent retail bankruptcy list that includes Neiman Marcus, J.Crew and J.C. Penney. The storied apparel brand, founded in 1818, will be looking for a buyer as it goes through reorganization, and has decided to close 51 stores, a decision it attributed to the coronavirus pandemic. One reason for Brooks Brothers' struggle was its big rent obligations, but the company was also feeling some effects of a change in traditional business dress and shift towards casual, despite its own efforts in activewear. That loss in demand will only become more pronounced as people continue to work from home. (SA)
Walt Disney World opens to annual passholders today and tomorrow, with the Magic and Animal Kingdom areas opening to the general public on Saturday, followed by Epcot and Disney’s Hollywood Studios four days later. New safety requirements from the theme park operator will include temperature checks, face coverings and extra sanitation efforts. (CNBC)
There's a line of thought out there that although the virus is surging and stalling the recovery, that the market is somehow unconcerned. This isn't true. The market's paying attention and reacting, and all you have to do is look beneath the headline level. The basic gist is that a bunch of recovery, reflation, and "back to normal" type trades all peaked almost exactly a month ago on June 8. Since then they've been going down, as it became clearer that things weren't going well nationally. Shares of Capital One (credit card company exposed to household finances), Exxon, JPM, and the airlines, have all been sliding steadily the past month. (Bloomberg)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.