Rich Parents Flipping Out Over Camp Closures, Adidas Gets $3.3 Billion Bailout

by Charles Manning

Read today’s dose of chic intel right here…

Wealthy Parents Furious Over Likelihood of Summer Camp Closures (Page Six)
“Some wealthy New York parents who’ve struggled with home-schooling their children are now desperately praying camp will be open this summer,” writes Page Six. “We’re told a number of camps are being inundated with requests about accepting kids this summer so their parents can get a break. One NYC society insider currently sheltering in the Hamptons said, ‘There is a huge uproar over summer camps. Many camps are hoping to open, and the parents want to offload their kids no matter what. They don’t want their summer ruined.'”


Adidas Receives $3.3 Billion Bailout (Business of Fashion)
“Adidas on Tuesday said it received approval for a syndicated €3 billion ($3.3 billion) government-backed loan to mitigate the financial impact on its business from the spread of the coronavirus,” writes Business of Fashion. “One of the conditions of the syndicated loan is that the company suspends dividend payments for the duration of the loan, Adidas said, adding that company’s executive board stopped the repurchasing of Adidas shares and decided to forgo its short and long-term bonus for the year 2020.”

Cannes Film Festival Postponed Indefinitely (Variety)
“The Cannes Film Festival won’t take place in June, after all, due to the coronavirus pandemic, but organizers continue to explore different options for 2020,” writes Variety. “One possible scenario would see Cannes being pushed to the fall. That timeframe, however, could be problematic because September is already packed with the Venice, Toronto and San Sebastian film festivals; while in October, Mipcom is already scheduled to take place in the city of Cannes for three days until Oct. 15. It would take about a month for the festival to be put together in the French Riviera town.”

Elle Fanning at the 2017 Cannes Film Festival (Getty Images)

Retail Returns in the Age of Coronavirus (CNBC)
“Macy’s, Gap and other retailers are adjusting return windows to ease customers’ worries about getting their money back, if they buy clothing and other items online as stores are dark,” writes CNBC. “The challenges — such as trying to resell returned merchandise and simply finding enough workers to help process returns in distribution centers — could end up hurting department store chains and apparel retailers the most. Typically, about 17% of apparel is returned to retailers, making it one of the most-returned categories of goods, according to an analysis by 1010data.”

How to Position Your Business for Success Post-Coronavirus (Harvard Business Review)
“Along with the severe health and humanitarian crisis caused by the coronavirus pandemic, executives around the world face enormous business challenges: the collapse of customer demand, significant regulatory modifications, supply chain interruptions, unemployment, economic recession, and increased uncertainty,” writes HBR. “And like the health and humanitarian sides of the crisis, the business side needs ways to recover. Ad hoc responses won’t work; organizations must lay the groundwork for their recoveries now.” To that end, HBR has come up with 5 questions every business should be asking itself during this time and a strategy for finding the answers.

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1 comment

Melinda Engel April 15, 2020 - 11:00 AM

I think to say the parents want a break is an understatement, however this is not merely for selfish reasons. Children and parents alike have been uprooted from their daily lives and normal activities. Summer camp is an oasis that the kids look forward to all year round. Most parents work and still go about their daily lives. It is not a free for all. Kids learn valuable skills at camp. We adore our children and want them to have something to look forward to. We want them outdoors, away from electronics and active.


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