- Airbnb Boost IPO Price Range to Between $56 and $60 a Share “Airbnb Inc. plans to boost the proposed price range of its initial public offering, the latest sign that the red-hot IPO market is ending the year on a high note. Airbnb is boosting the range to between $56 and $60 a share, from $44 to $50, people familiar with the matter said. The new range would give the home-rental company a valuation of as much as $42 billion on a fully diluted basis and including proceeds from the offering.” (Wall Street Journal)
- JP Morgan Sends Policy Recommendations to Biden Team on Ways to Prevent More COVID-Related Misery “JPMorgan Chase has a set of policy recommendations for ways President-elect Joe Biden can prevent a coming wave of economic misery and reduce inequality in a post-Covid world, CNBC has learned. The first priority is for lawmakers to agree on another round of pandemic relief payments to lower-income households and extending benefits for the unemployed, according to the paper, which can be found here.” (CNBC)
- What Might Unite a Divided Washington Behind Joe Biden? Unsexy Infrastructure “Imagine you are President-elect Joe Biden, and you’re looking at a political hot mess when you take office. The outgoing president is seeking to undermine the legitimacy of your administration. You won’t even know which party controls the Senate until after two January runoff elections in Georgia. No matter how those races turn out, Congress is almost evenly divided between two incessantly bickering parties, and your Democrats actually lost ground in the House in this year’s election.” (Wall Street Journal)
- In a New York Neighborhood Reeling from the Virus, 4 in 1 Is Out of Work “They were store clerks, hotel housekeepers, waitresses, cooks, for-hire drivers, security officers and maintenance workers before the coronavirus snatched away their livelihoods. Even before the outbreak, most were barely getting by on meager paychecks and scant savings. Now their hopes for better lives are slipping away as they fall behind on rent, ration food and rack up credit card debt.” (The New York Times)
- San Francisco’s Next Eviction Crisis Is Coming—S.F. Lawmakers Want to Extend Moratorium “With California’s partial eviction moratorium scheduled to end early next year, Assembly member David Chiu is proposing to extend the reprieve through 2021 to give the state more time to come up with relief for renters and property owners slammed by the coronavirus pandemic.” (San Francisco Chronicle)
- J.C. Penney’s Retail and Operating Assets to Exit Chapter 11 “J.C. Penney Co Inc said on Monday its retail and operating assets would exit Chapter 11 as two of its biggest landlords, Simon Property Group and Brookfield Asset Management Inc, have acquired nearly all such assets. The iconic 118-year-old department store had filed for bankruptcy in May after the COVID-19 pandemic forced it to temporarily close its then nearly 850 stores.” (Reuters)
- New York City’s Top Office Addresses Draw Bargain Hunters Amid the Pandemic “More prospective tenants are touring New York City’s marquee office addresses than before the pandemic due to lower rents and additional vacancies.” (Commercial Observer)
- Retailer Francesca’s Plans to Shut Another 97 Stores After Filing for Bankruptcy “The apparel chain Francesca’s is now planning to shut an additional 97 locations which comes after its recent filing for bankruptcy protection, according to court documents, dealing another blow to mall owners. The Houston-headquartered company, which filed for Chapter 11 last week, had previously said it planned to close about 140 of its 700 stores — roughly half of which are in U.S. shopping malls.” (CNBC)
- Restaurants in Free Fall “The National Restaurant Association has sent a letter to Congressional leadership in which it argues that the entire industry needs a 'down payment' relief bill to make it to the new year. The letter featured findings from a survey conducted in late November by the NRA of 6,000 restaurants and 250 supply chain businesses that revealed continued business deterioration across the restaurant industry. In the letter, the NRF offered support for the moderate compromise proposal as a 'down payment' toward a larger relief package in early 2021.” (Chain Store Age)
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