More big businesses failing. Revised budget forecast for state of California shows even governments are going to have a hard time when the economy is frozen. Maybe it is time to restart the economy.
Even the state government in California may be starting to realize that putting the economy in a deep freezer for an extended and unknown period of time might have some adverse consequences.
Just a few of the business casualties over the last few days:
- Neiman Marcus (bankruptcy filed)
- Souplanation/Sweet Tomatoes restaurants (all 97 stores permanently closing)
- Lord & Taylor (likely BK)
- J. Crew (bankruptcy filed)
- J. C. Penney (likely BK)
This discussion will be posted on several of my blogs.
California budget deficit
5/7/20 – ABC news – California doom: Staggering $54 billion budget deficit looms