The Bad News Report

[urbanlover568]

Build-A-Bear Workshop to furlough more than 90% of workers without 'direct compensation,' cuts pay for remaining workers 

[J-Rob]

https://www.bizjournals.com/charlotte/news/2020/03/27/tex-mex-concept-superica-temporarily-closes-south.html?iana=hpmvp_clt_news_headline

Superica temporarily closes.

Somebody check on @KJHburg…  Fortunately, he should have access to plenty of donuts.

[sakami]

On 3/27/2020 at 8:55 AM, CLT2014 said:

North Carolina had one of the largest % increases in unemployment claims in the country in the top % tier with Ohio, Rhode Island, Maine, New Hampshire, Louisiana, and Minnesota. Despite similar populations, Georgia only had about ~13% of the claim amount as NC.

 

The majority of Georgia wasn’t under a stay-in-place order last week. Now that more cities there are rolling these orders out I would expect to see their numbers blow up too. 

[urbanlover568]

On 3/27/2020 at 8:55 AM, CLT2014 said:

North Carolina had one of the largest % increases in unemployment claims in the country in the top % tier with Ohio, Rhode Island, Maine, New Hampshire, Louisiana, and Minnesota. Despite similar populations, Georgia only had about ~13% of the claim amount as NC.

 

 

More states enacted stay at home orders to contain the coronavirus. Will get a more clear picture next week.

[southernnorthcarolina]

And suddenly, Charlotte is overbuilt.  Just a couple of months ago, we were all so proud of those new blue glass office towers, continuing development of residential towers (tall ones uptown, more modest ones along the tracks),  an exponential increase in hotel rooms, extended concourses at the airport -- and now this, the BoomerDoomer Virus.  As significant as the death toll will likely become, the damage to the economy will be worse, or at least longer lasting.

Commercial real estate is a great place NOT to be in now, it grieves me to say.   And Charlotte, arguably the hottest U.S. city in that area, will suffer disproportionately.  I have no doubt that some projects now on the drawing board will be abandoned, and even some under construction will be postponed.

This is going to get ugly -- or uglier.  Some big companies will slash their work forces, and/or are going to realize that, hey, this work-at-home deal may be economically efficient.  How'd you like to be the owner of a "B" office building with substantial vacant space?  The shiny new buildings will be underpricing you soon.

Oh, and your favorite bar and restaurant?  It might not be coming back.

Maybe I'll be in a better mood another day.

[Madison Parkitect]

56 minutes ago, southernnorthcarolina said:

And suddenly, Charlotte is overbuilt.  Just a couple of months ago, we were all so proud of those new blue glass office towers, continuing development of residential towers (tall ones uptown, more modest ones along the tracks),  an exponential increase in hotel rooms, extended concourses at the airport -- and now this, the BoomerDoomer Virus.  As significant as the death toll will likely become, the damage to the economy will be worse, or at least longer lasting.

Commercial real estate is a great place NOT to be in now, it grieves me to say.   And Charlotte, arguably the hottest U.S. city in that area, will suffer disproportionately.  I have no doubt that some projects now on the drawing board will be abandoned, and even some under construction will be postponed.

This is going to get ugly -- or uglier.  Some big companies will slash their work forces, and/or are going to realize that, hey, this work-at-home deal may be economically efficient.  How'd you like to be the owner of a "B" office building with substantial vacant space?  The shiny new buildings will be underpricing you soon.

Oh, and your favorite bar and restaurant?  It might not be coming back.

Maybe I'll be in a better mood another day.

Ones under construction are generally paid for at this point, I'd be surprised if there's any that are postponed unless it's a bad developer using the virus as an excuse.

[Blue_Devil]

14 hours ago, southernnorthcarolina said:

And suddenly, Charlotte is overbuilt.  Just a couple of months ago, we were all so proud of those new blue glass office towers, continuing development of residential towers (tall ones uptown, more modest ones along the tracks),  an exponential increase in hotel rooms, extended concourses at the airport -- and now this, the BoomerDoomer Virus.  As significant as the death toll will likely become, the damage to the economy will be worse, or at least longer lasting.

Commercial real estate is a great place NOT to be in now, it grieves me to say.   And Charlotte, arguably the hottest U.S. city in that area, will suffer disproportionately.  I have no doubt that some projects now on the drawing board will be abandoned, and even some under construction will be postponed.

This is going to get ugly -- or uglier.  Some big companies will slash their work forces, and/or are going to realize that, hey, this work-at-home deal may be economically efficient.  How'd you like to be the owner of a "B" office building with substantial vacant space?  The shiny new buildings will be underpricing you soon.

Oh, and your favorite bar and restaurant?  It might not be coming back.

Maybe I'll be in a better mood another day.

Also, that is pretty dooming. I mean, worst case scenario looks like 200k dead, but most scenarios show far less. We will hopefully be back to BaU for most if not all major companies by June. Small business should see a rush of business as well... if they survive.

[Guest]

14 hours ago, Madison Parkitect said:

Ones under construction are generally paid for at this point, I'd be surprised if there's any that are postponed unless it's a bad developer using the virus as an excuse.

I also don't think "work from home" being efficient is a foregone conclusion. Even if that were the case, staying home 24/7 is not good for anyone's mental health.

[urbanlover568]

Department-store chain Macy's set to furlough most of its 130,000 employees 

[urbanlover568]

Kohl's will join Macy's in furloughing workers as department store sales dry up 

[Madison Parkitect]

5 hours ago, Tyree Ricardo said:

I also don't think "work from home" being efficient is a foregone conclusion. Even if that were the case, staying home 24/7 is not good for anyone's mental health.

Yeah, I think the result of this will be companies realize working from home is less efficient but it's at least possible, giving people another option.

[urbanlover568]

The announcements today are just breathtaking and not in a good way.

 

Gap and Ascena Retail announce retail-employee furloughs 

[tozmervo]

I feel much busier working from home but conversely less productive. That alone is screwing with my mental health.

[kermit]

19 minutes ago, tozmervo said:

I feel much busier working from home but conversely less productive. That alone is screwing with my mental health.

+1 to that. I work all day, but get nothing done (except read the bejezzus out of UP)

[urbanlover568]

36 minutes ago, tozmervo said:

I feel much busier working from home but conversely less productive. That alone is screwing with my mental health.

Better than office politics and people coming to your desk ever 10 mins lol I get much more accomplished at home.

[urbanlover568]

85,000 Kohl's employees, 80,000 Gap Inc. employees, and over 60,000 Macy's employees to be furloughed and no longer paid

[jednc]

7 hours ago, kermit said:

+1 to that. I work all day, but get nothing done (except read the bejezzus out of UP)

Just the opposite here. I've barely looked at the site in 2 weeks. Nothing here except some bozo posting every five minutes the next round of layoffs. Who needs that? I have work to do.

[urbanlover568]

10 hours ago, jednc said:

Just the opposite here. I've barely looked at the site in 2 weeks. Nothing here except some bozo posting every five minutes the next round of layoffs. Who needs that? I have work to do.

#triggered

[urbanlover568]

J.C. Penney furloughs most of its 90,000 workers as stores stay shuttered

[Blue_Devil]

3 hours ago, urbanlover568 said:

J.C. Penney furloughs most of its 90,000 workers as stores stay shuttered

We get it dude. Retail is furloughing their workers. 

[urbanlover568]

2 minutes ago, Blue_Devil said:

We get it dude. Retail is furloughing their workers. 

Yup, #reality.

[KJHburg]

after  a toilet paper spill out of truck on I-85 in Gaston County last week now this truck goes up in flames in Texas carrying much desired toilet paper.  I do bet that was a quick clean up on the highway on the scattered rolls. 

 

[NOLA2CLT]

 

3 hours ago, KJHburg said:

after  a toilet paper spill out of truck on I-85 in Gaston County last week now this truck goes up in flames in Texas carrying much desired toilet paper.  I do bet that was a quick clean up on the highway on the scattered rolls. 

 

did either wreck leave skid marks?

[PeytonC]

5 hours ago, KJHburg said:

after  a toilet paper spill out of truck on I-85 in Gaston County last week now this truck goes up in flames in Texas carrying much desired toilet paper.  I do bet that was a quick clean up on the highway on the scattered rolls. 

 

Would it be correct to say the truck was "wiped out"?

 

My apologies. 

[urbanlover568]

The global economy could shrink almost 1% this year due to the new coronavirus, a sharp reversal from the pre-pandemic forecast of 2.5% growth, the United Nations said Wednesday.