J. Crew, once a venerated purveyor of all things American prep, filed for bankruptcy this week. The coronavirus shut-in certainly put a big strain on its retail viability. However, the company’s problems started long before Covid-19. According to PrivCo, a private company financial data startup, J. Crew has not seen a positive net income margin in five years.
Newly-released median home prices surprised many, given that demand has decreased in many markets nationwide. The March 2020 medium home price points to an 8% increase YoY. The reason: supply has decreased even further than demand. Moreover, Covid-19 made supplies even scarcer. Read more.
IBM kicks off its two-day virtual event, Think Digital, unveiling its plans for AI and cloud computing. Despite current revenue challenges, IBM says that the pandemic will accelerate its initiatives (and revenues) on the AI and cloud fronts, coming off of its 2019 acquisition of Red Hat. But AWS and Microsoft are more established competitors in the space. Read more.