INDIANAPOLIS (WISH) – Here’s a look at Wednesday’s business headlines.
The USPS is in crisis mode.
With a negative net worth of $65 billion and an additional $140 billion in unfunded liabilities, the USPS originally expected to run out of money by 2021.
That has accelerated rapidly because of COVID-19. Fewer people and businesses are sending mail because of the outbreak, which could hasten the decline of the postal service and close its doors as early as June.
JCPenney will temporarily furlough the majority of its hourly and full-time employees this week as the company extends the temporary closure of its stores and businesses.
This will impact employees within the company’s headquarters in Texas as well as corporate offices in Salt Lake City, Utah and New York City.
Bodyshpere said it has been cleared to distribute its new two-minute COVID-19 testing kit and has contracted cargo planes to deliver the product to the front lines of healthcare facilities.
Biz Journals reports the company’s test uses antibodies in blood to test for current or past infection.
The Dow dropped 400 points as stocks close out their worst first quarter ever.
Goldman Sachs said the economy would plunge by unprecedented numbers in the second quarter but that the recovery would then be the fastest in history.