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Century-Old Companies Are Going Bankrupt

Despite the economic aid packages offered by Congress and Trump administration considered the current epicenter of the Coronavirus pandemic,many well-known companies have been filing bankruptcy postponement applications. After textile retail giants Neiman Marcus, J.Crew, and True religion, another long-established company, JCPenney, requested the bankruptcy postponement. The 118-year-old company has recently had to shut down its 850 stores.

The company first missed the debt payment that was due April 15. Another payment was skipped on May 7. JCPenney's application to the Securities and Exchange Commission stated that the company owes $4 billion in debt, and $17 million worth of interest was paid.

JC Penny CEO Jill Soltau said that they implemented the renewal plan strategy before the start of the pandemic and added, "In this context, we have taken important steps towards rebuilding our company. Our efforts were starting to pay off. However, closing our stores due to the pandemic required us to make a comprehensive move, including the removal of outstanding debt", said Soltau.

List of Companis that have filed for bankruptcy during the coronavirus pandemic:

Stein Mart,Virgin Atlantic,Lord & Taylor,Tailored Brands, Muji U.S.,Brook Brothers, Sur La Table,Hertz,Le Pain Quotidien,US Division,GNC,Neiman Marcus,JC Penny, J. Crew,CEC Entertainment,NPC International.

The economic recession is also expected to be reflected in the data in the real estate market, and despite the record high economic stimulus package, government spending is expected to decline more than ever recorded as local governments transfer their resources to fight the pandemic.

White House Economic Advisor Kudlow: "The U.S. economy is on the right track."

Trump's Economic Advisor Kudlow suggested that the capital gains tax cut that President Trump has recently brought up to question again will help increase the personal incomes and boost overall economic growth.

For the first time in U.S. history, the number of people requesting unemployment benefits increased by 135,000 in the week ending on August 15 compared to the previous week and reached 1,106,000. As the COVID-19 pandemic has impacted the labor market, the number of individuals that applied for unemployment pay in the U.S. had risen to 6,867,00 and set a new record on the week ending on March 28.

August 24, 2020
Published in Politics1

Looting hit a Turkish-owned pharmacy store in the U.S

The protests that were sparked by the death of African American George Floyd at the hand of the Police continue to flare across the USA. The damage in businesses looted by the protesters in the demonstrations that spread to many states is remarkable. The pharmacy store owned by Mehmed Bülend Uğur, the President of the Turkish American Pharmacists Association (TAEB), got its share from the attacks of the protesters in New Jersey hit by the protests. Even prescription drugs in the pharmacy were stolen by the protesters who had been looting all over the city.

ALL OF THE PRESCRIPTION DRUGS WERE STOLEN

Mehmed Bülent Uğur, President of the Turkish-American Pharmacists Association (TAEB),spoke with Ali Cinar from Turk of America shared all details about the incident in his pharmacy. Ugur said, "Yesterday evening, unfortunately, they broke into our pharmacy in groups of 5 to 10 people within minutes of each other. As you can see in the videos, they scattered when the Police arrived. But they stole the money in the cash register and even the prescription drugs of our patients. They stole the prescription drugs that were supposed to be delivered to the patients today. These individuals are not from Trenton; they have come here from another town. Four of them have been apprehended by the Police."

SOME OF THE LOOTERS WERE APPREHENDED

Ugur, a graduate of the Istanbul University, Faculty of Pharmacy and a pharmacist in the city of Trenton, NJ for the last 15 years stated; "It is very wrong for the Police to kill someone through brutality, but the response in the form of looting is not the right way. Furthermore, they all know about drugs. While some of them took what they could, others knew exactly which drugs they were going for. And they all scattered when the Police arrived. The weird thing is, our alarm did not go off. We have a deafening alarm system. We got a call from our warehouse, and they warned us, "In case of another attack which is expected in the next 48 hours, take necessary measures!"

June 7, 2020
Published in Uncategorised

Washington D.C. Mayor Muriel Bowser unveils large street banner reading 'Black Lives Matter'

DC Mayor Muriel Bowser shared the painting made on 16th Street, which became the center of protests in response to the killing of African American George Floyd while in the custody of the police in Minnesota, on her Twitter account and announced that an intersection near the White House was renamed to Black Lives Matter Plaza.

Each of the 16 bold yellow letters spans the width of the two-lane street, creating a huge visual easily spotted by aerial cameras and virtually anyone within two-three blocks.

Mayor Bowser sent a letter to President Trump, stating that she ended the “state of emergency” situation and the curfews in the city, and requesting that he withdraw the National Guard soldiers in the city.

Per President Trump's request,Pentagon moved 1,600 active-duty troops to the Washington area as the military is playing a critical role in responding to protests in the nation's capital,Washington,DC .

June 7, 2020
Published in Politics1

Turkish Americans in the 2020 Elections!

In April, Aycha Sirvanci Sawa achieved a stunning election win to become the City Comptroller of Milwaukee, Wisconsin. What's Next for Turkish Americans in the 2020 Election Year? The next-go-around for Turkish Americans at the ballot box is this July. Two Turkish American lawyers are running in elections in the states of New Jersey and Louisiana. The outcome of these polls could be historically significant for the Turkish American community.