Business

Tuesday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Tuesday’s business headlines.

Restaurants

The National Restuarant Association is pressing Congress again for more aid.

It says the industry is in a free fall.

It says closures will soar far beyond the current casualty county of 110,000 locations – about 17% of the businesses – without an immediate financial lifeline.

Pet scams

While pet scams have been on the rise since 2017, this year has led to an enormous spike.

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During the pandemic, the number of reported pet scams has more than doubled, says the Better Business Bureau.

In the past 12 months, victims are projected to have lost more than $3 million. That’s more than six times the greater than total losses reported just three years ago.

Pet adoptions have soared during the pandemic and the increased interest has led to some fraudsters.

Holiday returns

As much as $70 billion worth of holiday purchases this year as expected to be returned.

That’s according to the real estate firm CBRE.

The surge in digital orders has created a heightened demand for warehouse space in the U.S.

As much as 400 million-square-feet of additional warehouse space could be needed in the next five years just to process returns.

JCPenney

JCPenney exited bankruptcy just in time for the holiday shopping crunch – in an unusual deal that leaves a downsized department store chain privately owned by its biggest landlords.

Simon and Brookfield malls bought the Texas retailer.

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