The beatings will continue until morale improves: Neiman Marcus to file for bankruptcy, furlough 14,000, due to government-imposed shutdown because of the Wuhan panic.
Neiman Marcus Group, one of the largest retailers in the United States, is reportedly ready to file bankruptcy amid the COVD-19 pandemic after defaulting millions in bond payments last week and furloughing 14,000 employees.
Neiman Marcus would become the first major US department store to crumble amidst the economic set backs from the coronavirus outbreak. Reuters reported the company had few options after the coronavirus spurred lockdowns that shuttered non-essential businesses, including all 43 of their stores. This includes Last Call stores and its two New York City Bergdorf Goodman department stores.
And yes, I know it was already struggling, as are many brick-and-mortar department stores because of the shift to online shopping. The government over-reaction to the Wuhan virus however has done a great job of pushing the company over the edge, killing it.
As with any failure like this, the consequences will ripple outward far beyond the loss of this one company. The lost jobs will mean people will not have money to spend, so other businesses will suffer. The downward spiral will only get worse.
Want to know what it was like to live in failing socialist societies like the Soviet Union and Venezuela? You are now getting the chance. In our case the government has apparently bypassed the direct takeover of industry and the economy where it would over a few years run the society into bankruptcy. Instead, it decided to destroy everything by edict, all in one blow.
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Conscious Choice: The origins of slavery in America and why it matters today and for our future in outer space
, is a riveting page-turning story that documents how slavery slowly became pervasive in the southern British colonies of North America, colonies founded by a people and culture that not only did not allow slavery but in every way were hostile to the practice.
does more however. In telling the tragic history of the Virginia colony and the rise of slavery there, Zimmerman lays out the proper path for creating healthy societies in places like the Moon and Mars.
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