Today’s Top News: February 4, 2020

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Pier 1 Closing All Stores For Good, Cites ‘New Reality, Uncertainty Of Post-COVID World’

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Pier 1 Imports has become the latest retailer knocked against the ropes by the “new reality” of online shopping and finished off by COVID-19. Nearly 60 years after its first store opened — and three months after filing for bankruptcy — the company announced Tuesday that it wants to close all retail operations “as soon as reasonably possible.” The explosion in online shopping, intense competition from larger chains and the coronavirus pandemic “are requiring us to wind down,” Robert Riesbeck, Pier 1’s chief executive and chief financial officer, said in a statement. “This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Riesbeck said. Source: Pier 1 Closing All Stores For Good, Cites ‘New Reality, Uncertainty Of Post-COVID World’ The article was originally published here!
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Today’s Top Stories: March 30, 2020

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El Salvador adopts bitcoin as legal tender after passing law

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“The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the law reads. Prices can now be shown in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin will not be subject to capital gains tax. Bitcoin is known for wild price swings that have prompted critics to suggest it is not suitable to be an effective currency. It’s still unclear how El Salvador will ultimately roll out bitcoin as legal tender.The exchange rate with the U.S. dollar “will be freely established by the market,” according to the proposed law. El Salvador’s current official currency is the U.S. dollar. Source: El Salvador adopts bitcoin as legal tender after passing law The article was originally published here!
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