Mass unemployment, colossal bankruptcies, and a shattered tourism industry have ravaged New York City during the coronavirus pandemic. In January 2021, Governor Andrew Cuomo proposed raising taxes on the wealthy, while cutting Medicaid and school spending to balance the multi-billion dollar budget deficit. Opponents say tax hikes could lead to a mass exodus of the wealthy New Yorkers who fund a large portion of the city’s revenue. Others say that the crisis has exasperated existing inequalities and cutting social services will only hurt those most affected.
Once known for its “treasure hunt” atmosphere, colorful home furnishings, and distinctive holiday decorations, Pier 1 filed for bankruptcy in February 2020.
Pier 1 later announced it was winding down its entire business, in part, due to the coronavirus pandemic. And while Pier 1 had a smaller share of the home furnishing industry than some of its rivals, those store closings could mean good news for a few retailers.
Hertz was a pioneer in car rental and a highly recognized brand nearly as old as the American auto industry itself. Decimated by coronavirus, Hertz tried in mid-2020 to take advantage of an odd Robinhood-driven spike in its share price and sell stock to pay off its debts. At the time, the company admitted the shares it was selling could end up worthless. Will Hertz be able to emerge from bankruptcy in some form, or will this be the end of its century-long story.