AmanaOnline

If you think things are bad in Naija….read through

1. Victoria’s Secret declared bankruptcy.
2. Zara closed 1,200 stores.
3. La Chapelle withdrew 4391 stores.
4. Chanel is discontinued.
5. Hermes is discontinued.
6. Patek Philippe discontinued production.
7. Rolex discontinued production.
8. The world’s luxury industry has crumpled.
9. Nike has a total of $23 billion US dollars preparing for the second stage of layoffs.
10. Gold’s gym filed for bankruptcy
11. The founder of AirBnb said that because of pandemic, 12 years of efforts were destroyed in 6 weeks.
12. Even Starbucks also announced to permanently close their 400 stores.
13. WeWork isn’t in a great spot either

*Nissan Motor Co. may close down in USA.*

1. Biggest Car Rental company (Hertz) filed for bankruptcy – they also own Thrifty and Dollar

2. Biggest Trucking company (Comcar) filed for bankruptcy – they have 4000 trucks
3. Oldest retail company (JC Penny) filed for bankruptcy – to be acquired by Amazon for pennies
4. Biggest investor in the world (Warren Buffet) lost $50B in the last 2 months

5. Biggest investment company in the world (BlackRock) is signalling disaster in the world economy – they manage over $7 Trillion

6. Biggest mall in America (Mall of America) stopped paying mortgage payments.

7. Most reputable airline in the world (Emirates) laying off 30% of its employees.

8. US Treasury printing trillions to try to keep the economy on life support

9. Estimated no. of retail stores closing in 2020 – 12,000 to 15,000.

*The following are big retailers that have announced closing:*

– J. Crew
– Gap
– Victoria’s Secret
– Bath & Body Works
– Forever 21
– Sears
– Walgreens
– GameStop
– Pier 1 Imports
– Nordstrom
– Papyrus
– Chico’s
– Destination Maternity
– Modell’s
– A.C. Moore
– Macy’s
– Bose
– Art Van Furniture
– Olympia Sports
– K Mart
– Specialty Cafe & Bakery

and many many more

Unemployment claims reached an all-time high of 38+ million – unemployment is over 25% (out of 160 million of work force, close to 40 million are jobless). With no income, consumer demand is falling drastically and the economy will go into a free fall.

This is just the USA…

Culled from @thean999 on Twitter

(Comment) Rev. Segun Agbetuyi: Scary Sir.
But not unpredictable. The World economy has been in a spin, badly accentuated in the last 2 years by covid, as well as disruptions & dislocations in the Euro zone amongst several other constraints. The only light has been shinning dimly from the Far East, powered by China but even this must now be tempered by the Russian war of in Ukraine. The World’s major economic culprit in my view is the USA, who continues to overheat the world economy with limitless open account borrowings mostly employed to wage unproductive wars & dislocate the orderly growth of other sovereigns. Somehow, the USA & its allies ( underdogs?) must stop acting above the laws & begin to respect fiscal responsibilities that it uses the multilateral agencies to enforce amongst world sovereigns.
My humble view Sir.