Businesses on the firing line include restaurants, bars, movie theaters, gyms, hotels, car dealerships and furniture stores.
“We have cut back hours for our servers, but I’m trying not to cut jobs,” said Ted Teschner, owner of the Mr. Dunderbak’s restaurant/pub inside Volusia Mall. “We’re like a family. Many of our employees have been with us for years.”
“But we can’t keep paying them through July,” he said, referring to reports on how long the coronavirus outbreak and the need for social distancing could last.
It could be far worse than that. U.S. Treasury Secretary Steven Mnuchin on Tuesday warned Republican senators that the national unemployment rate could rise as high as 20% if they failed to pass a proposed coronavirus rescue package, according to numerous news reports.
- Coronavirus: Shutdown could trigger layoffs in Daytona area, News-JournalOnline.com, March 18, 2020.
3. Ads keep missing the goalposts on the climate emergency, diversity, ocean plastic—pick a theme. Behind every misstep is bad advice, lack of understanding or someone who didn’t listen.
The majority of a company’s value is inevitably tied to the brand. Missteps can cost billions in the short term, like #DieselGate for VW, and other times can prove near fatal, as was the case for American Apparel, which is now on life support.
Most agencies and marketing departments are ill-equipped at understanding and responding to the challenges of our time. And sorry to say, there is no quick branding fix to systemic racism, rampant carbon pollution or an excessive buy-and-throw-away culture. But it’s undeniably time to live up to our shared responsibility, whatever side of the table you’re sitting on. Climate change, population growth, resource scarcity, biodiversity loss and increasingly acidic oceans are only some of the issues that will challenge all brands’ profitability and long-term growth.
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