at the bankruptcy you mentioned j.c. penney and and the scene of the parent company around taylor they were doing miserably badly before the code 90 crisis occurred so if you look at the financial state was i don't remember when j.c. and he lost the. 2014 thousands of the meager tiny going way way back when they've been losses so there's a whole bunch of companies that you mention. that were doing badly. and putting them our business is more or less of act of mercy i think we're missing elsa's of act. i missed. one and these were companies of basic destroying resources. and there was no real reason for them to continue so i think it was a positive thing that kind of brushed out those very weak retailers shown the door was. shut the door was not going to get any more financing so i think it's almost a positive thing and you can reelect as resources the companies. more effective and more so i think that's more a healthy thing than the else now the stimulus money seumas going to the right so it's very prevent bankruptcy but even t

assets $1.75 billion. 118-year-oldthe j.c. penneyler had plunged into bankruptcy proceedings after the pandemic forced it to close more than 800 stores. j.c. penney is saying that this -- that it will also include cash and new debt. a duo of mall owners are now carrying on with buying j.c. penney assets for $1.75 billion. let's get a quick check of the markets. we are seeing u.s. futures reversing earlier losses. 500 as we have the s&p seeing its best day since june. kiwi stocks gaining. in new zealand, we are watching the bond yields. higher as well as nikkei futures higher. plenty more to come. this is bloomberg. ♪ ♪ you are watching daybreak australia. is said parent company to be in discussions with the u.s. government to avoid a full sale of its operations. new urgencyathered as the deadline approaches. by president trump for an agreement is september 15. the eu is considering legal action against the u.k. over plans to breach the agreement governing britain's withdrawal from the eu. according to a document, eu judges believe th

why i don't think is even just e-commerce i think i don't know when you last winter the j.c. penney but i lost my. but i was thinking back in 99 he says it wasn't only a question e-commerce the basic branding of most of them. it's like a time warp it was like a time warp and they deserve to go and that had nothing to do with code that was well so so they fix those problems and taters world seemed. to have pretty much the same reaction and these are companies that simply did not. last the consumer. and the scene of their stock prices or the. stock prices down so this is a company in. and i think deserves a go people try to sign a single says. well there's no hope and i think that's very opposed to someone else kristie you know earnings season is right around the corner here and with expectations really low do you think that we could end up higher if the results are actually better that initially expected. i mean sure i think when you get a quick pop in a rally off of a good beat but right now the bar is set so low for companies as analysts across the board have just completely lowere

j.c. penney's landlord. they will own 490 of the remaining 650 outlets. j.c. ld penney filed for bankruptcy in may. lvmh move to call off its purchase of tiffany & co.. louis vuitton owner said the french government had asked it to delay the deal for poisons -- released -- for reasons elated to be nine states. and has countered with a lawsuit. kkr is said to be in advanced talks to invest at least $1 billion to the reliant retail business as investors cue up to take on amazon in india. cashllows a similar injection from silverlake last week that values the unit and $57 billion. barney also raised $20 billion selling stakes in his gop platform. plans tois weighing move its u.s. headquarters to hudson yard from its current location in the old lehman brothers building in times square. the british lender is said to be looking for around half a million square feet of space. barclays bought the building when the investment bank collapsed during the financial crisis in 2008. rishaad: let's have a look at the market action and look at what is going on. the shanghai com

owners simon property and brookfield property are poised to acquire j.c. penney . keep the chain alive during the pandemic. are j.c. broomfield penney's landlords and they will own around 490 of the chain's remaining 650 outlets. j.c. penney filed for bankruptcy in may after the coronavirus shut its doors. nintendo has asked its assembly partners to boost the production of its switch gaming council by as many as 30 million units this year, which would mark a 20% jump in output. the japanese game maker has been struggling to keep up with demand for most of the year, boosted by the success of animal crossing. animal crossing new horizons. don't miss the big interview coming up later, an exclusive conversation with joey wat, as there hong kong listed shares begin trading later. that's at 9:40 a.m. hong kong time. we have plenty more coming up on "daybreak asia." guest aboutk to our cybersecurity. this is bloomberg. ♪ shery: welcome to "daybreak: asia." from bloomberg world headquarters in new york, i'm shery ahn. haidi: i'm haidi stroud-watts in sydney. asia's major ma

that does this smallest of retail investors pumping up things like insolvent companies such as j.c. penney and hertz that have actually declared bankruptcy filed for chapter 11 and yet investors in general are so convinced that because of the fed's extraordinary actions to contain the al fall of the credit market of the credit bubble bursting that the fed no matter what happens is going to have their back with i mean that's like the fed choosing winners i mean is that really healthy for the economy because it again that's kind of been evolution i mean that's a choice it's not really market forces as we're always told to worship here i find that really quite bewildering and what is the doing if you're buying corporate bonds i mean this is this is it's not creating an even playing field how do you explain what the current. what the fed is doing right now is credit allocation but what the end result is is the likes of price distortion the likes of which we've never seen it is almost impossible whether you're investing in a bond or a stock right now to say what its inherent underlying value is

brick and mortar stores legacy names like lord and taylor brooks brothers j.c. penney neiman marcus are in deep trouble like telecommuting e-commerce has merely accelerated a term that was already in motion bend have we seen a permanent shift in retailing. i think we have i think what we're seeing right now the 1st of all you know if you are amazon when we talk about these lock downs you don't want to see a change right this works very well for them it works very well for e-commerce companies and tech companies that are really reaping as you said incredible windfalls right now but as a result of that what we are seeing is a major major blow to middle class americans mom and pop shops that were already suffering as a result of e-commerce and then of course big box stores and brick and mortar stores which were again were already on the ropes they have now suffered a kind of a. blow that i don't think they can come back from at this point and really what i think the shift is beginning to move toward is will there be new competition in the e-commerce space not in the brick

clothing to help put it in a position to fill a void being left by the bankruptcy of retailers like j.c penney you have an interesting one. this is cnhi a european based maker of heavy equipment and farm equipment the broader marker taking it's toll, but it is also lower due to an alternative stake in nikola they have a 7% stake whose shares are tanking today founder and chairman resigning on the controversy about making false statements the stock is down over 20% on the day. lowering those shares as well. ending on sharing of roku after it and comcast will reach a deal that will be on roku devices the two parties had been trying to hammer out a deal an how to divy up advertising revenues carl, that disclosure is there those shares are up 15%. i will send things back over to you. >> we appreciate it, dominic chu. back to the tiktok deal. this morning a huge story. the president giving his blessing for a deal that would take place with oracle and walmart. bitedance would still own 80% of that new co. kara swisher is joining us this morning to try to make sense of this good morning >> good morni

at least 15 major apparel companies filed for bankruptcy, including j.c. penneyd neiman marcus, a direct competitor to saks fifth avenue. what has taken a hit during this period? >> the evening gowns. >> reporter: marc metrick, president and c.e.o. of saks fifth avenue, temporarily closed all 40 of his stores. now, he says, business is sound. >> reporter: people are buying handbags? >> absolutely. >> reporter: people are buying pumps? >> yes. can you imagine? we are the comfort food of fashion. we are the splurge. >> reporter: so these come in -- >> and they go. >> reporter: men's at saks fifth avenue is performing unexpectantly well. >> you knew you made it when you had the suit with the tie and the hat. now it is the opposite. >> reporter: buyers are anything without a fitted waist is doing well. >> reporter: the pandemic has prompted a homecoming of sorts for tracy reeves and her sustainable brand, "hope for flowers." >> i'm questioning every piece, like, wil would i wear this? >> reporter: he closed up shop in new york and moved back to her native detroit. sh

closed that are not productive, and some stores, frankly, just not liquidating to your point about j.c. penney so that what will be at the very end will be, it will create winners and losers and winners are the ones that are the liquid businesses that will be able to get through this challenging time and at the end of the day they will have less competition. you got to bet on those for the future to your point i think that's exactly what's happening just happening at a much more accelerated pace because of covid-19 >> terry, you've mentioned this a couple of times. the government actually allowing those big box stores to open like the wall mattermarts, targe depot and not allowing other stores to re-open. creating its own winners and losers do you think that was fair >> i think it was frustrating. i hate the word non-essential. the retailers that were closed, a lot of the products that the essential retailers are selling are those same products. so i think walmart does about, i don't know, $40 billion in these non-essential categories or something like that a year so while consumers are in the