penney retailers lucky brands brooks brothers ports and vitamin seller gnc holdings now those are just to name a few of these companies now these companies of course rely on malls to operate at their full capacity for context retail bankruptcies this year have already eclipsed those of 2019 as a whole and b.t.o. says 2020 is on pace to compare with 2010 when there were 48 such filings in the wake of the great recession so for more on this let's go and the state of the economy to bring in boom bust co-host christiane and. c.e.o. of optimist thank you both for being here octavia i want to start with you in the midst of all these bankruptcies of course investors have remained focused on. the prospects for a stimulus package to help the u.s. economy recover of course we just spoke about the possible deal that was presented by the democrats earlier in the show but is more stimulus actually needed to stop these bankruptcy is or is it too late. but i think if you go back and look. at the bankruptcy you mentioned j.c. penney and and the scene of the parent company around taylor they were doing

penney and and the scene of the parent company around taylor they were doing miserably badly for the pope at 90 crisis so if you look at the financial state was i don't remember when j.c. and he lost the power. 2014 thousands of amiga 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 else of actor the kindness. and so on and these were companies of basic destroying resources rajoub huge losses and there was no real reason for them to continue so i think it's almost a positive thing that they would rush out and those very weak retailers shown the door. shut the door is not going to get any more financing so i think it's almost a positive thing and you can realize resources the companies. more effective and more so i think that's more a healthy thing than the else now the stimulus to me is going to the right so it's very prevent bankruptcies but even then i think you have to question whether 'd something that we want to do i m

penney assets $1.75 billion. 118-year-oldthe j.c.y retailer 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 bel

. >> heather penney was one of the first d.c. air national guard f-16 pilots scrambled from andrews air force base after the 9/11 terrorist attacks. her father john penney was the united airlines captain. up next on american history tv, ms. penney talks about her experiences that day and the possibility she might have to bring down united airlines flight 93 which terrorists had hijacked. the smithsonian air and space museum hosted this event. it's about an hour and 20 minutes. >> well, good evening. i'm chris browne, the deputy director of the smithsonian's national air and space museum, and it is my pleasure to welcome you to tonight's g.e. aviation lecture. since 1982, this lecture series has spotlighted more than 140 of the biggest names in modern aviation history. like all of our public programs, this lecture is presented free of charge. this is possible thanks to the generous support from g.e. aviation. private contributions like theirs are critical to our programs and exhibitions. and it is my privilege to acknowledge them

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 lowered slasher x. es

jc penney's landlord, simon and brookfield, have reached an agreement in principle to buy the embattledor chapter 11 back in may after the pandemic shut down non-essential shopping across the country, but as you know, jc penney was a disaster for years. simon property down 1.7% right now but brookfield is getting a jump of about 1% at the moment. >>> are you ready for some football? finally, the wait is almost over. the defending super bowl champ kansas city chiefs with superstar quarterback patrick mahomes at the helm kick off the season tomorrow night against the houston texans. while fans will happily retreat to mayor mtheir man-cave and sh to watch the season start up, there is a plan to formulate a getaway you can invest in. we understand you got this idea to build an amusement park and village by the football hall of fame in canton, ohio. what is your vision? >> absolutely. look, fans all over the country love professional football, right. you rarely have a chance, in fact, a lot of fans may never get to see a professional football game inside of a professional football stadium. s

penney failed for -- j.c.cy in may could penney filed for bankruptcy in may. 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 composite. a bit of a mixed bag. .e will hear what we have jakarta index having

jc penney is facing a september 10 deadline to re-reach an agreement with lenders to save 70,000 jobs. >>> walmart has announced it will rollout its paid membership program in two weeks compete with amazon enormously successful prime subscription plan. walmart offering customers who sign up for unlimited free delivery, fuel discounts, and no checkout lines, subscribers would pay either $12.95 a month or $98 a year. >>> netflix will allow nonsubscribers to watch some popular shows for free. the streaming giant making select original series and movies available online. while only the first episode of each show will be available, netflix will allow users to watch entire movies for free. >>> the uk could prevent celebrities from posting photoshopped pictures and social media. a member of the health and social care committee authored the bill and says when celebrities photos before posting them, they are creating a warped view of beauty and fueling a mental health crisis. under the new bill, stars would have to label images that are edited to change their appearance. >>> south korean boy b

. >> heather penney was one of the first d.c. air national guard f-16 pilots scrambled from andrews air force base after the 9/11 terrorist attacks. her father john penney was the united airlines captain. up next on american history tv, ms. penney talks about her experiences that day and the possibility she might have to bring down united airlines flight 93 which terrorists had hijacked. the smithsonian air and space museum hosted this event. it's about an hour and 20 minutes. >> well, good evening. i'm chris browne, the deputy director of the smithsonian's national air and space museum, and it is my pleasure to welcome you to tonight's g.e.

penney . they will keep the chain alive during the pandemic. are j.c.d 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 markets have opened for trade. our, asianries is stocks set to

that is penney right there holding up something that smells good to show her fellow second graders duringir online class. that something was her mom's bottle of malibu rum. mom posted the picture to facebook with a number of hashtags including #hideyourmalibu. >> the teacher's probably like, whew, i mean, can't disagree. >> mom has six kids so she's like, look, i'm doing great to have her in front of the computer right now for this virtual learning. >> i will give it to her kid too, because it was hard back in the day to find quality items to one-up your other kids who brought unique family heirlooms. meanwhile i'm like, all right, what do i got? >> she has six kids, she needs the rum after she gets done taking care of all of those kids. >> that is true. >> very cute. just holding it up, show and tell, she wasn't drinking it, she's fine. >> she's so cute, though. >>> the beachgoers who came to the rescue of a shark. >> the air scare over hawaii as a packed jetliner was forced to make an emergency landing after one of its engines caught fire. >>> later in "the skinny," new revelations abou

its worst day on record while apple gained 4% bringing its market cap back to $2 trillion >>> jc penneyas reached a tentative deal to sell its business and stores. mall owners simon property group and property partners have agreed to require the retailer out of bankruptcy for 800 million zlars. > -- dollars >> select grocery and household essentials from walmart stores using drones controlled with cloud technology and a smart controlled dashboard details on how many of these drones and the delivery range of them were not disclosed. >>> if you get some eggs delivered and they're broken, that's impressive. >> and making his debut into the world, the bald win family we can comes its fifth member get to kohl's... and shop 100s of... epic deals! no coupons needed!... plus, get kohl's cash! athletic shoes are $49.99 & under... tees and shorts - $9.99 & under... instant pot and nutribullet - $59.99 & under! plus, free store pickup. find a little more this fall... kohl's gillette proglide and proglide gel. five blades and a pivoting flexball designed to get virtually every hair on the first str

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 you've got 40 percent for example of the standard and poor's $500.00 it's pulled guidance all earn

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 and mortar space i don't think a lot of those businesses will be able to come back we're now

the jc penneys or the knneiman marcus of the world. >> they are up 7% almost to 15 on the news of walmartlus. stephanie meta of fast company, thanks >>> we're keeping our eyes on shares of theater operators. a strong opening for "tenet" over the weekend >>> amc adding to a 50% gain in the last four weeks. you see it up there ouabt 2.5% "squawk alley" is back in just a moment motorcycle riders love the open road. and geico loves helping riders get to where they're going, so to help even more, geico is giving new and current customers a fifteen percent credit on their motorcycle policies with the geico giveback. and because we're committed for the long haul, the credit lasts your full policy term. the geico giveback. helping riders focus on the road ahead. >>> as the economy tries to recover from the pandemic, global it services and consulting giant emphasis announcing plans to hire 12,000 u.s. workers in the next ten years. joining us now is the ceo. good to have you with us this morning. >> good morning, thank you for having me. >> so tell us, what about this current climate that we find

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

he is the chair of the senate judiciary committee penney is a he indicating he would like to move forwardquickly with a vote to replace the late justice. this is going to be a large political battle that we will be following throughout the next several weeks and months and michelle has more on that. >>> we are taking a live look at capital hill, where a better partisan battle is about to erupt over replacing the late justice ruth bader ginsburg. president donald trump may nominate a new justice this week. taught the women judges, amy barrett and barbara are among the front runners. >> we have an obligation to pick who we want.? they should be heard. they said voting has already begun. >> joe biden come the dramatic nominee for president says if he wins, he will no a black woman but he will not say whom. he says naming someone prematurely could influence a judges decision making and the person could endure attacks are munson also said he would consult with senators from both parties. >>> the future of the affordable care act may be in jeopardy. justice ginsburg had been a reliable vote on

garrett penney has now more from chicago.ople are not joking around about this, they will walk. >> at least two of them have been caught in the cross fire of what's likely gang violence so far this year, the latest was earlier this month when a 24-year-old woman was shot multiple times while delivering mail in the middle of the day on the city's south side. the lease say that she was not the target of that shooting that left her with gunshot wounds in her legs, stomach, and the back of her head. postal workers are now demanding for city due more to protect them on their route. in chicago's chapter of the national association of letter carriers are telling its members to stop delivering mail in areas they feel unsafe. >> week can't be safe, they are not to deliver that mail. customers have to come pick up their mail, then so be it. we may do rain and sleet and pandemic but we aren't doing bullets. >> police in rochester, new york, are searching for several suspects involved in one of the worst shootings in the city's history.

problem, kelly, i think, with this amazon -- like clothes on amazon are like shopping at sears or jc penneyor back to school. as a kid, never wanted to shop there. there are other stores you would rather go. stitch fix is a little bit higher touch they say they have apersonal shopper helping you, but it's that worker at sears or jcpenney like they're taking you to the plaid. robert doesn't want the plaid, right? >> i mean, i'm learning so much. >> kelly, i know that john and r -- jon and robert are both very fashionable, but i am the pr personal shopper for my husband, and i don't worry about amazon putting me out of business for my husband this is why stitch fix has such an advantage it doesn't have the sense of being part of this behemoth. people love the surprise of opening up their box and seeing what's in there, and amazon wants to give them the choice before they ship them the box. >> true, that's true i think i would be more on the serendipitous part, but i guess at that point you're stuck with it >>> finally, before we go, guys, i just wanted to mention -- do we need a head scratche

neiman marcus, jc penney, j. crew, so many more names. now or with what appears to be a second wave of covid, do you expect more bankruptcies on the horizon and in which sectors? >> i think you will have more bankruptcies. the reason you are is just because as you know, covid is just taking longer so because of that to reopen is taking longer, so for companies that we're hoping that everything was going to be fine by the fall, that just hasn't happened. i think you are going to see it in the travel, the hotel industry. you are just going to see more and more problems but you know, that's going to be the opportunity side for us. hopefully we will do well. liz: yeah. that's how you have done well. you know, forgive me if i make the incorrect analogy but it looks almost like you are acting like warren buffett did during the 2008 financial crisis when he lent capital to struggling companies from goldman sachs to tiffany at very beneficial terms to berkshire. you have done that recently, as i understand it, with a major airline. which airline

penney, brooks brothers, and neiman marcus, a direct competitor to saks fifth avenue. 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. she now works from home. >> it has been my plan for the past two years to make de

the analogy i use over and over again is sears versus amazon or walmart versus jc penney.viously hiring a lot of people. maria: so the digital economy, the components of it include price digital services, e-commerce, software, hardware, the digital economy. that's penetrating even further through covid, right? how have your expectations about the digital economy and its impact changed in the last eight months, nancy? >> oh, absolutely. i mean, we've been very focused on the digital economy and support of growth that it's had but no question with covid it's pulling forward companies, people's usage of the digital economy and, therefore, i think has helped contribute to the fast turnaround in u.s. economic activity despite the crisis. and it's companies, again, that are adjusting to this new environment by investing in the digital economy, from restaurants to factories, to the finance community, again, it's pulling forward and increases the odds. this is having a bigger impact on growth sooner than i otherwise would have expected. so gdp growth next year is on track to be so

jcpenney from bankruptcy saving jobs and stores wells fargo also agreed to give $2 million in credit penneys approval from bankruptcy judge early next month. >>> jp morgan chase reportedly firing several employees who allegedly pocketed bailout funds meant to help small businesses showing that they improperly applied for and received funds under the relief program unlike the ppp funds and what is called the eidl program. dispersed directly with grants up to $10,000 for businesses hurt by the pandemic i imagine as the pandemic continues or the aftermath of it that we'll learn, sadly, more stories of both businesses and others doing things trying to take advantage during this period >> good for jp morgan for finding it and immediately firing these people. >> you saw september 30th, 25% occupancy in restaurants >> in new york city. >> in new york it is a first step >> there are some strict rules with that. >> the headlines first came out, i know a lot of people were happy about it there is a view that it is so uneconomic uneconomical that it doesn't help but would hurt. it goes both ways. >> th

penney all together so that what will be at the very end will be, it will create winners and losers andthe 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 their stores or shopping online it just easy to extend the shopping cart from just the essential pro

steve: brian do you know what your kids would ask right now, what's a jc penney catalog?l of my shopping. ainsley: strange times we're sorry for all of the people that lost their loved ones but there are silver lines and a lot of people are making life decisions working from home spending time with their kids they never got to do before not commuting into the city. steve: sure and we've been talking about the pandemic for so long, but now the politic s in washington have shifted to the supreme court. ainsley: that all changed on friday. griff jenkins is live in washington with the war of words on filling justice ginsburg's seat. griff: good morning, brian, ainsley and steve and there's a lot of guys wearing ties in the senate because they are back in session and the process has already begun despite democrats opposition by weeks end we'll know the nominee and then lindsey graham will take it and he's confident he's got the votes to confirm. >> we've got the votes to confirm justice ginsburg's replacement before the election. we're going to move forward in the committee. w