REBusinessOnline

Target Introduces More Safety Measures Ahead of Holiday Season

MINNEAPOLIS — Ahead of the holiday shopping season, Minneapolis-based Target Corp. is adding more safety measures for shoppers in response to the ongoing COVID-19 pandemic. Customers can download the Target app to utilize contactless payment options and employees throughout the store will have handheld checkout devices to make purchases more convenient. Shoppers can even reserve a spot in line by checking on their specific Target store on the website. Target is also doubling the number of …

First-Time Weekly Jobless Claims Fall to 787,000, A New Pandemic Low

WASHINGTON, D.C. — The number of Americans filing for first-time unemployment insurance fell to 787,000 for the week ending Oct. 17, according to the U.S. Department of Labor. The most recent figure is the lowest weekly total since the onset of the coronavirus pandemic in mid-March but is still about four times higher than February of this year when totals hovered around 200,000. Economists surveyed by Dow Jones expected claims to reach 875,000 for the week.The four-week moving average …

CBRE: More Than 5 MSF of Office Sublease Available in Metro Atlanta, Highest Total Since 2010

ATLANTA — There has been 2.5 million square feet of sublease space added to the Atlanta office market since the beginning of March, bringing the total to more than 5 million square feet, the highest the metro area has posted since 2010, a recent study from CBRE has found. Nearly 1.1 million square feet was added to the inventory in August and September alone. Of the 18 industries in the study that are tracked, companies involved in the tech sector have added the most inventory (29 percent) …

US Retail Sales Rise 1.9 Percent in September, Beating Economists’ Expectations

WASHINGTON, D.C. — Retail sales increased 1.9 percent month-over-month in September, the U.S. Commerce Department reports. The most recent figure is 70 basis points higher than what economists surveyed by MarketWatch had forecast. Total sales reached $549.3 billion in September, which marked the fifth consecutive month of retail sales growth amid the coronavirus pandemic. In February, the total monthly spending reached $527 billion.According to the National Retail Federation (NRF), the …

MBA: 6.2M Households Miss Mortgage or Rent Payments in September; 26M Student Debt Borrowers Miss Loan Payments

WASHINGTON, D.C. — More than 6 million households missed a mortgage or rent payment in September, according to the Mortgage Bankers Association’s (MBA) Research Institute for Housing America (RIHA). The number of homeowners who missed a payment last month stood at 3.4 million, or 7.1 percent of all U.S. homeowning households. The number of renters who missed, delayed or made a reduced payment was 2.8 million, or 8.5 percent of U.S. renters. Additionally, the number of renters receiving …

Detroit Casinos Report 21.7 Percent Drop in September Revenues

DETROIT — September aggregate revenue for slots and table games at Detroit’s three casinos was down 21.7 percent compared with September 2019, according to the Michigan Gaming Control Board. The casinos reported $87.9 million in revenue while continuing to operate at 15 percent capacity due to COVID-19 health concerns. MotorCity Casino and Greektown Casino reopened Aug. 5 while MGM Grand reopened Aug. 7. For the third quarter, the casinos’ aggregate revenue of $157.3 million was down 55.2 …

First-Time Unemployment Claims Jump to 898,000

WASHINGTON, D.C. — First-time unemployment claims totaled 898,000 for the week ending Oct. 10, according to the U.S. Department of Labor. Economists surveyed by Dow Jones expected the weekly figure to come in at 830,000 claims. The most recent figure is an increase of 53,000 claims from the previous week’s revised total of 845,000. The four-week moving average increased by 8,000 to 866,250. Continuing claims, for which data is a week behind, fell by 1.2 million to 10 million for the week …

AMC Theatres Focuses on Raising Cash While its Cinemas Remain Open

LEAWOOD, KAN. — AMC Entertainment Holdings Inc. (NYSE: AMC) anticipates that existing cash resources will be largely depleted by the end of this year or early 2021 and will therefore require additional liquidity or increases in attendance levels, according to an SEC filing from Tuesday.As of Oct. 9, Leawood-based AMC had resumed operations at 494 of its 598 U.S. theaters, with limited seating capacities between 20 and 40 percent. Since the resumption of operations in U.S. markets, AMC has …

NMHC: 79.4 Percent of Apartment Dwellers Paid October Rent, Up 300 Basis Points from September

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has found that 79.4 percent of renters made at least a partial rent payment as of Oct. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The number of households paying rent this month is up from Sept. 6, when 76.4 percent of renters made a payment. The Washington, D.C.-based organization also reports that the figure is unchanged from Oct. 6, 2019.NMHC …

Ruby Tuesday Files for Chapter 11 Bankruptcy Protection, Closes 185 Restaurants

MARYVILLE, TENN. — Ruby Tuesday Inc. has filed for Chapter 11 bankruptcy protection with plans to permanently close 185 restaurants that were shuttered during the COVID-19 pandemic. The company’s 236 open locations will remain operational throughout the reorganization process. The Maryville, Tennessee-based chain is the latest restaurant group to fall victim to the economic pressures caused by the coronavirus pandemic. California Pizza Kitchen filed for Chapter 11 protection in July …

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