Live Stock Market Updates

March 16, 2020
Business

The group said on Monday that it would reduce capacity by 75 percent in April and May. It said it would cut costs by offering voluntary leave, suspending employment contracts and reducing working hours. The group’s chief executive, Willie Walsh, will delay his retirement.

Air France KLM has grounded all nine of its A380 aircraft, meaning it will suspend service to cities including Los Angeles, Miami, and New York. The plane is the largest passenger airliner ever built, but its enormous size has made it uneconomical to run in a world of budget airlines.

The Scandinavian airline SAS has stopped most of its flights altogether, saying that “the demand for international air travel is essentially nonexistent.” The airline said it would look to return to flying when conditions allowed, but until then 90 percent of its work force, about 10,000 people, will be forced to stop work.

Apple, Nike and Patagonia are among the major retailers temporarily shuttering stores.

Major retailers from Apple to Lululemon announced two-week store closures in recent days, in an effort to stem the spread of the virus. The chains also said that they would pay store staff while the stores were closed.

The announcements started on Friday and cascaded into the weekend. As of Sunday night, the chains that announced two-week store closures in North America included:

Patagonia

Apple

Lululemon

Nike

Urban Outfitters

Abercrombie Fitch

Glossier

Everlane

Allbirds

Eileen Fisher.

The King of Prussia mall in Pennsylvania also said that it expected “nonessential” retail stores to temporarily close their doors because of the coronavirus.

The action generally came from retailers with healthy balance sheets, which can afford to close their doors while paying staff. It will likely increase pressure on other chains, including those with less financial flexibility, to pursue similar action.