By Francesca Fontana 

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (April 11, 2020).

McDonald's Corp.

The drive-through is helping McDonald's ride out the coronavirus crisis. The hamburger chain said Monday that sales fell 22% in March but that 99% of its U.S. restaurants are currently offering some service via drive-through windows, allowing customers to purchase food without leaving their cars. That gives McDonald's and other fast-food companies a relative advantage over table-service chains like Olive Garden operator Darden Restaurants Inc. and Denny's Corp. that are pivoting to pickup and delivery options. McDonald's shares rose 1.1% Wednesday.

SeaWorld Entertainment Inc.

SeaWorld is losing its CEO and cutting executive pay as tourism companies try to stay afloat. The theme-park operator said Monday that Chief Executive Sergio Rivera has resigned from the company, effective April 4. Mr. Rivera's exit is the latest in a string of leadership changes in the past few years. SeaWorld also said executives are cutting their base salary by 20% until its parks resume normal operations, as the coronavirus pandemic has led to park closures. SeaWorld last month said it was furloughing more than 90% of its staff as of the start of April. Shares gained 16% Monday.

Allstate Corp.

The pandemic offers a potential windfall to the auto insurance industry because its customers are driving less and submitting fewer claims. Some are returning that money to policyholders. Allstate on Monday said it would dispatch $600 million in payback checks, while American Family Mutual Insurance Co. said it is returning $200 million to its smaller policyholder base. On Thursday, State Farm Mutual Automobile Insurance Co. rolled out a program slashing $2 billion of premiums owed on 40 million vehicles. The flurry of initiatives is coming as many customers are suffering financially from coronavirus-related lockdowns. Allstate shares gained 8.8% Monday.

JPMorgan Chase & Co.

JPMorgan's chief executive is expecting "a bad recession." That was the message James Dimon delivered Monday in an annual letter published a month after undergoing emergency heart surgery. The bank boss threw out his usual template to address the coronavirus crisis, saying his bank hasn't sought looser regulations to help it handle the recent economic collapse and that it has the ability to keep lending in even more dire circumstances. Internal stress testing, he said, shows the nation's biggest bank would be able to increase lending to clients even if U.S. gross domestic product were to drop 35% in the second quarter and stay there for the remainder of the year. Shares rose 6.4% Monday.

Tesla Inc.

Tesla is furloughing workers and cutting pay to save cash while its U.S. factory is closed. In an email to workers late Tuesday, the company said U.S. salaried employees will see their pay temporarily reduced between 10% and 30%. Non-U.S. employees will get comparable reductions. Those who can't work from home or aren't assigned to critical work will be furloughed without pay and still receive health-care benefits. Tesla was pressured by local authorities to stop vehicle production at its Fremont, Calif., factory on March 23, and it hopes to resume on May 4, a day after the local-government shutdown order is slated to end. Tesla shares gained 0.6% Wednesday.

Macy's Inc.

Macy's is looking for a new chief financial officer as sales plummet amid the coronavirus pandemic. Paula Price's departure, slated for May 31, was a surprise and came weeks after Macy's embarked on a turnaround strategy that included $1.5 billion in cost cuts, store closings and the closure of its dual Cincinnati headquarters. Macy's said Tuesday it launched an external search for Ms. Price's successor. Recruiters say the company could struggle to find suitable candidates in the current climate, as potential CFOs don't want to switch employers during the pandemic-fueled economic crisis. Macy's shares added 5% Tuesday.

Party City Holdco Inc.

More retailers furloughed workers as shoppers stay home and sales dry up. Party City said Wednesday it would furlough roughly 90% of store workers and 70% of those employed in its wholesale and manufacturing operations, as well as in its corporate office. The party supply company, which has about 875 stores in the U.S. and Canada, said it was responding to the coronavirus pandemic by focusing on its e-commerce operations and offering customers curbside pickup at its stores. Chief Executive Brad Weston will also take a temporary base salary cut of 50%, while other top executives will take smaller cuts. Shares fell 6.9%.

Write to Francesca Fontana at francesca.fontana@wsj.com

 

(END) Dow Jones Newswires

April 11, 2020 02:47 ET (06:47 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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