The Total Collapse Of Businesses Is Shocking

The total collapse of businesses is shocking.

Look At The Total Collapse Of Businesses
(King World News) – Gerald Celente:  Each week we highlight how the COVID War waged by politicians has destroyed market sectors and devastated business. Here are some of the latest companies that have taken an economic hit. 

CISCO SYSTEMS MAKES CUTS. The network equipment company will cut more than $1 billion in costs over the next several quarters and offer early retirement to workers after posting a 9-percent drop in second-quarter sales and its first annual revenue decline since 2017.

The company also will refocus its research and development to emphasize security and cloud computing.

STEIN MART GOES BUST. The 112-year-old chain selling clothing and linens filed for Chapter 11 bankruptcy on 5 August.

The company will close “a significant portion, if not all” of its more than 250 stores, located in California, Texas, and the U.S. southeast and is considering selling its website and intellectual property.

Stein Mart disclosed in a June regulatory filing that there were substantial doubts about its ability to continue.

The company employs about 8,000 people.

RIDE-HAILING COMPANIES IN THE BREAKDOWN LANE. Lyft gave 8.7 million rides in the second quarter, compared to 21.2 million during the first three months of this year. Revenue for the period sank to $339.3 million from $867.3 million in 2019’s second quarter.

Lyft also reported July’s rides rose 78 percent from their April trough but revenues for the month still were 54 percent below those a year previous. It also posted revenue growth in its bicycle-sharing division…more here

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