DUNCAN, OKLA. — Houston-based oilfield services firm Halliburton Co. will lay off approximately 350 employees at its facility in Duncan, according to reports from several news outlets including The Houston Chronicle and Reuters. The Chronicle reports that the move was revealed via a filing with the Oklahoma Office of Workforce Development, and that the company has independently confirmed plans to reduce its workforce as oil prices continue to suffer. Several weeks ago in mid-March, Halliburton furloughed some 3,500 workers at its Houston headquarters via a program in which employees would work every other week for 60 days. As of Tuesday afternoon, the price of West Texas Intermediate crude stood at $25.61 per barrel, down from $63.98 per barrel a year ago.
DALLAS — Locally based developer Centurion American has provided rooms at The Statler Hotel in downtown Dallas for healthcare workers who are battling the COVID-19 pandemic. According to NBCDFW, Centurion American has designated two floors of the hotel for use by medical professionals from nearby hospitals, including Baylor Medical Center, Teas Health Presbyterian Hospital and Parkland Memorial Hospital. Centurion American is perhaps best known as the developer behind the repositioning of Collin Creek Mall in Plano.
SMYRNA, TENN. AND CANTON, MISS. — Nissan Group of North America will furlough 10,000, hourly manufacturing employees in its Tennessee and Mississippi plants. The decision comes on the heels of the Japanese automaker closing its manufacturing plants in Smyrna and Canton until at least the end of April due to the coronavirus pandemic. The plant in Smyrna is located 27 miles southeast of downtown Nashville. The plant produces 640,000 vehicles annually and employs 7,250 workers. The plant in Canton is located 22 miles north of Jackson. The plant produces 450,000 vehicles annually and employs 5,250 workers.
BALTIMORE — In response to the spread of COVID-19, Under Armour Inc. (NYSE: UA) will temporarily lay off some 6,000 employees at its outlet stores around the country and approximately 600 workers at its U.S. distribution centers, effective Sunday, April 12. The Baltimore-based sports apparel retailer also said it would extend current store closures until further notice. In addition, the company’s board of directors and executive vice presidents will be taking 25 percent pay cuts during the public health crisis. Under Armour workers at distribution centers that continue to work will be paid premium bonuses. The company will cover full health benefits for employees for approximately two months during the layoff period. “In these unprecedented and challenging times, the majority of stores where Under Armour is available remain closed, contributing to a significant decline in revenue,” says Patrik Frisk, the company’s president and CEO. “While we’re thankful for the meaningful balance sheet improvements we’ve driven over the past two years and are seeing some early signs of recovery in our Asian-Pacific region, this unanticipated shock to our business has been acute, forcing us to make difficult decisions to ensure that Under Armour is positioned to participate in the eventual recovery of demand.” Prior to …
SAN ANTONIO — The San Antonio Apartment Association has proposed an emergency rental assistance program as a means of helping residents that are struggling to pay rent as a result of COVID-19. The organization is encouraging its members to forgive 25 percent of their outstanding rents and waive late fees for residents earning less than the area median income who can also show proof of unemployment.
DALLAS AND CALABASAS, CALIF. — Marcus & Millichap has acquired Metropolitan Capital Advisors (MCA), a Dallas-based financial intermediary specializing in arranging debt and equity for commercial real estate investors and developers. MCA, which was founded by Scott Lynn in 1992, completed more than $650 million in commercial debt and equity transactions in 2019. The deal has officially closed.
PLANO, TEXAS — J.C. Penney Co. Inc. will furlough the majority of the hourly associates at its stores beginning Thursday, April 2, a move that coincides with the extended store closures brought about by the spread of the novel coronavirus. The Plano-based retailer will also furlough a portion of its corporate staff, and will continue with furloughs of workers in its supply chain and distribution centers, which began on March 20.
Publix Offers Rent Relief for Tenants Affected by Coronavirus Outbreak at its Owned Shopping Centers
LAKELAND, FLA. — Publix Super Markets is offering two months of rent relief to businesses that operate within Publix-owned shopping centers that have closed due to the coronavirus outbreak. The Lakeland-based grocer is also waiving payments for common area maintenance fees and taxes, regardless of the tenant’s access to other relief or assistance. Publix operates 1,243 stores in seven Southeastern states, including Florida, Georgia, South Carolina, North Carolina, Tennessee and Alabama. A total number of businesses that have closed within Publix-owned centers was not disclosed. Publix owns more than 330 shopping centers.
IRVING, TEXAS — 7-Eleven Inc. has donated 1 million masks to the Federal Emergency Management Agency (FEMA) to be distributed among healthcare workers and patients who are battling COVID-19. The Irving-based convenience store giant has provided all franchisees with masks to be used by employees in their stores, which remain open as essential services. The chain operates approximately 11,800 stores in North America and more than 70,000 worldwide. 7-Eleven is also offering free delivery services for all products through its 7NOW app until April 30.
DALLAS — Dallas-based luxury retailer Neiman Marcus will furlough the majority of its 14,000 employees as it endures another month of store closures, according to reports from multiple news outlets including Reuters, Bloomberg and The Dallas Morning News. Neiman Marcus CEO Geoffroy van Raemdonck made the announcement on Monday, also noting that he would be forgoing a salary during closures, and that employees not impacted by the furloughs would take pay cuts. Neiman Marcus initially announced that it was closing all its stores, including Bergdorf Goodman and Last Call, on March 17, which has since been extended to April 30.