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GREAT LAKES PETROLEUM TRANSPORTATION FILES FOR BANKRUPTCY

... Great Lakes owns 59 propulsion systems for oil transportation. The company employs 49 drivers. One of the Great Lakes' largest creditors is the Union Bank of Michigan, to which the company owes $ 1.1 million. We should note that during the COVID-19 pandemic, the company received a loan from the bank to stay afloat in accordance with the state payroll protection program (PPP) established last year by the US authorities.

FACE MASK REQUIREMENTS WILL REMAIN IN MOSCOW AFTER SPRING

... that the masks would not lose their relevance when attending metro stations and public events. The rate at which the restrictions may be lifted will depend on the rate of vaccination and the formation of mass immunity. Sobyanin noted that during the pandemic, the authorities learned to make decisions not in months, but in a day. If earlier, to resolve any issue, numerous approvals and agreements were required, then from March 2020, problems began to be solved with the help of one phone call. Sergei ...

THE NUMBER OF INDIVIDUAL BANKRUPTCIES IN RUSSIA GREW BY 71%

... the reason for the dynamics could be not only economic factors, but also an increase in the knowledge of citizens about the procedures associated with bankruptcy. The growth in the number of bankruptcies was influenced by the fact that due to the pandemic, those industries where a significant part of individual entrepreneurs and self-employed are employed were under attack, say the experts. First of all, these include the spheres of tourism, retail trade and various services. Earlier, the head ...

DISNEY IS CLOSING 60 STORES IN NORTH AMERICA

... stores operating under the Disney Store brand will be liquidated in 2021. After experiencing a 7% decline in sales in 2020, the company plans to focus on online commerce. The main factor that influenced this decision of the Disney management is the pandemic, say the experts. All retail outlets, which are now planned to be completely closed, were forced to close during a lockdown last year. In addition, the decline in Disney sales was affected by the decline in traffic to shopping centers, amusement ...

BELK DEPARTMENT STORE CHAIN FILES FOR BANKRUPTCY

The largest US retailers continue to experience financial difficulties due to the pandemic. Consumers are reluctant to visit shopping malls, preferring to shop online, and the long-term lockdown has led to changes in consumer behavior, increasingly refusing from new clothes and shoes. These phenomena lead to the fact that department ...

THAI AIRWAYS LAYS OFF EMPLOYEES TO AVOID BANKRUPTCY

... time the press service of the organization announced a serious reduction of managerial positions - instead of 740, only 500 people will remain employed in the company. The company has been facing financial difficulties since 2012, but the COVID-19 pandemic has made the situation even worse. Thai Airways, like many air carriers around the world, has cut capacity. Travel restrictions and falling demand have rendered many commercial routes unviable. Over the past few years, the company has lost about ...

SPAIN FACES THE WORST ECONOMIC SITUATION IN 120 YEARS

The past year was not easy for Spain: the country reported the largest public debt in a century. Its size exceeded 1.3 trillion euros and amounted to more than 117% of the kingdom's GDP. At the very beginning of the pandemic, many economists sounded the alarm, stating the possible large-scale negative consequences. Throughout the year, the states, balancing between the health of their citizens and the need to maintain the economy, demonstrated different models for ...

91% OF GERMAN BREWERS ARE CONCERNED ABOUT BANKRUPTCY

Covid-19 pandemic became the main reason for the ruin of German brewers. According to the German Brewers' Association (DBB), half of the beer drinks producers will go bankrupt in the nearest future. First of all, ruin threatens those companies that supplied beer ...

KNOTEL CO-WORKING SPACES CHAIN FILES FOR BANKRUPTCY

The international chain Knotel failed to withstand the pandemic and filed for bankruptcy protection in the US court. The company intends to go through the necessary legal procedures so that the Newmark Group, which operates in the North American commercial real estate market, could acquire it. The buyer pledged ...

EUROPEAN AUTHORITIES ARE CREATING A “ZOMBIE ECONOMY”

European countries are spending fabulous sums trying to keep businesses afloat during a pandemic. An economic recession can lead to stagnation for a decade, which has been recently called "lost" by the World Bank. In this situation, attempts to prevent a surge in mass unemployment through the subsidies from the state treasury to ...

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