Coronavirus

New York Sports Clubs owner files for bankruptcy on coronavirus hit, eyes sale

(Reuters) – Town Sports International Inc, the owner of New York Sports Clubs, filed for Chapter 11 bankruptcy on Monday and plans to sell itself, after the coronavirus pandemic forced its gyms to close and caused revenue to dry up.

Saying the pandemic “wreaked havoc” on its operations, Town Sports and 161 affiliates filed for protection with the U.S. Bankruptcy Court in Wilmington, Delaware.

As of March 31, Town Sports operated 185 fitness centers, including 99 New York Sports Clubs, with about 580,000 members.

The company’s brands also include gyms in Boston, Philadelphia and Washington, D.C. named for those cities, as well as Lucille Roberts and Total Woman Gym and Spa. Assets and liabilities totaled between $500 million and $1 billion.

Gym operators have suffered as the pandemic deprived them of the monthly membership and personal training fees that generate much of their revenue.

Gold’s Gym International Inc filed for

Read More

Owner of Buenos Aires Nights in Ashford and Maidstone warns some customers have already been hostile about new coronavirus rule

A Kent business owner has warned of confrontation with customers after the introduction of the ‘rule of six’.

Linda Pontoriero, who runs Buenos Aires Nights in Ashford and Maidstone, says she and her staff have already been challenged about the new regulations, that come into force from today.

Linda Pontoriero of Buenos Aries Nights in High Street, Maidstone. Picture: Gary Browne
Linda Pontoriero of Buenos Aries Nights in High Street, Maidstone. Picture: Gary Browne

People booking tables at her steakhouses have been trying to bend the rules by suggesting that larger groups could sit separately in the restaurant, she says.



“Some people try, if it’s 12, they want two tables of six,” said Linda.

“When they come in they say can we put the tables together and we have already explained the situation.”

Even if they sit in different parts of the restaurant, she explained, there is always the danger of them getting up and going over to the other table.

“Sometimes they

Read More

Owner of major Broadway theaters sues insurance companies over coronavirus payouts

Broadway theater owner Jujamcyn Theaters is suing its insurance companies, Federal Insurance Company and Pacific Indemnity Company, for paying merely $250,000 to cover what the company claims should be “tens of millions of dollars” in coronavirus-related losses.

NETFLIX ANNOUNCES CAST FOR NEW ‘PINOCCHIO’ ANIMATED MUSICAL

The lawsuit, filed with the Southern District of New York, alleges that Federal Insurance Company “flatly denied coverage, refusing to pay even a penny to help Jujamcyn” while Pacific Indemnity paid the company $250,000, a fraction of what it claims it should’ve been paid under its insurance policy.

“Federal and Pacific knew, and publicly acknowledged, that they could be obligated to pay for massive losses in the event of a pandemic. Federal and Pacific also knew that they could use common and widely available exclusions to guard against being obligated to pay for pandemic-associated losses,” Jujamcyn said in the lawsuit. “However, they decided not to

Read More

UK finance jobs revival halted by coronavirus

The COVID-19 pandemic killed a tentative revival in the City of London jobs market, new data shows.

Recruiter Morgan McKinley said on Monday that the number of new listings for financial services jobs in London rose by 8% in the first three months of 2020 compared to the final three months of 2019.

Job listings surged 97% in January, after Boris Johnson’s decisive election victory spurred optimism about a resolution to Brexit. Listings continued to grow in February but sank 38% in March as the novel coronavirus brought the UK economy to a halt.

“Out of the frying pan and into the fire,” said Hakan Enver, managing director at Morgan McKinley UK. “We barely got to take a breath between Brexit and this new global crisis.

“London came back in the new year, with a renewed optimism, which was reflective in the general mood of employees and employers alike. Soon

Read More

Experts question secrecy of Operation Warp Speed coronavirus vaccine plan

  • The White House is spending billions of dollars on Operation Warp Speed, a project to develop a coronavirus vaccine in record time.
  • But vaccine experts are increasingly critical of the project’s lack of transparency, and fear it may be rushing important clinical trials that test for safety and efficacy.
  • Even if vaccine trials are a success, the plan for how the government plans to distribute hundreds of millions of doses is unclear.
  • View more episodes of Business Insider Today on Facebook.

The White House’s multibillion effort to speed up the development of a coronavirus vaccine is coming under increased scrutiny from experts worried about how the money is being spent.

The Trump administration is hoping Operation Warp Speed will provide 300 million doses of a safe, effective vaccine by January 2021. It’s already directed more than $10 billion at the project since mid-May.

But pressure to get a vaccine out

Read More

Coronavirus: Loan sharks target people with money worries

Ryan Evans fears people will turn to loan sharks for help

Image caption

Ryan Evans fears people will turn to loan sharks for help

Loan sharks are using the financial uncertainty caused by coronavirus to target people struggling to make ends meet.

The Wales Illegal Money Lending Unit is worried about the end of mortgage and credit card repayment holidays along with the furlough scheme.

The unit deals with dozens of reports of illegal lending every year, but very few loan sharks are ever prosecuted.

That is because their victims are often too scared to give evidence in court.

Ryan Evans, from the unit, said: “We’re expecting job losses across the country across all sectors.

“You are going to have the legitimate lenders tightening their criteria for loans and we’re going to have a situation where people are going to be struggling to make ends meet.

“The worst thing that can happen is that people might go to a loan shark,

Read More