Punch Bowl Social recordsdata for chapter after Covid destroys its enterprise

Punch Bowl Social on Broadway in Denver, November 1, 2016.

Andy Cross | Denver Post | Getty Images

Punch Bowl Social filed for Chapter 11 bankruptcy Monday after the coronavirus pandemic destroyed its business.

As recently as February, the once lively “eatertainment” chain appeared to be the future of the restaurant industry, offering arcade games and karaoke as well as food and drinks. Cracker Barrel invested $ 140 million in a stake in the company last year, and Punch Bowl had grown to 20 locations by the time it was locked in March.

The crisis has evaporated the customer base, and Cracker Barrel decided in March to prop up its own liquidity instead of helping Punch Bowl stay afloat.

CEO Robert Thompson, who founded Punch Bowl in 2012, left the company amid the pandemic. The main lender CrowdOut Capital became part-owner and hired a new managing director: John Haywood, who has made a name for himself as a turnaround specialist.

Punch Bowl has liabilities of between $ 10 million and $ 50 million, according to its bankruptcy filing. JPMorgan Chase, its top creditor, owes more than $ 10 million on a payment protection program loan. The majority of the other creditors are tenants of locations across the country.

The company is the latest in a spate of restaurants and retailers to file for bankruptcy during the pandemic, including parent company Chuck E. Cheese, Ruby Tuesday and J. Crew. Bankruptcy experts have predicted a new flurry of filings after the holidays.

In response to the CDC, the brand new pressure of Covid within the UK may already be floating round undetected within the US

Medical worker Christina Mathers attends to an unconscious patient who is holding the patient’s hand in the COVID-19 intensive care unit at the United Memorial Medical Center in Houston, Texas on December 21, 2020.

Go Nakamura | Getty Images

The new coronavirus strain, which was first discovered in the UK, could already be in circulation in the US without notice, the US Centers for Disease Control and Prevention said Tuesday.

While the variant has not yet been found in the United States, the CDC noted that scientists have not sequenced the genetic coding for many Covid-19 infections here. The agency said “Viruses have only been sequenced from about 51,000 of the 17 million US cases,” so the new strain could have failed.

“Ongoing travel between the United Kingdom and the United States, as well as the high prevalence of this variant in current infections in the United Kingdom, increases the likelihood of imports,” said a CDC statement. “Given the low proportion of US infections sequenced, the variant could already be in the US without being discovered.”

The new variant is currently known as “SARS-CoV-2 VUI 202012/01”, according to the CDC. It was spread across south east England in November and is reported to account for 60% of recent infections in London, the agency said. The CDC said it did not know why the new strain of the virus showed up, but it could have “just happened by accident”.

“Alternatively, it may arise because it is better suited to spread in humans,” said the CDC. “This rapid transition from a rare strain to a common strain has affected scientists in the UK who are urgently evaluating the characteristics of the variant strain and the disease it causes.”

The new coronavirus “mutates regularly,” the CDC found, but the vast majority of the mutations are insignificant. The significance of the new variant, first found in the UK, has yet to be determined, but the CDC noted that based on earlier data from the UK, the new strain “may be potentially more quickly transmissible than other circulating strains”.

The CDC noted that there have been multiple mutations of the coronavirus. Scientists are studying how this affects its ability to spread, or whether it has become more deadly or led to milder infections.

Scientists are also investigating whether the changes make testing less effective, the CDC said, adding that the Covid-19 tests are designed to detect the virus in different ways, “so that even if a mutation is one of the targets, the other PCR targets that are affected will still work. “

However, the mutations could potentially reduce the effectiveness of monoclonal antibodies in treating the virus, the CDC said. Monoclonal antibody treatments such as those received by President Donald Trump, former New Jersey Governor Chris Christie, and former New York Mayor Rudy Giuliani have been identified as some of the few life-saving tools to fight the virus.

“Of these possibilities, the last one – the ability to evade vaccine-induced immunity – would probably be the most worrying, since after vaccination of a large part of the population there is an immune pressure that could favor and accelerate the emergence of such variants through selection for ‘ Escape mutants, ‘”said CDC. “There is no evidence that this is happening, and most experts believe that escape mutants are unlikely due to the nature of the virus.”

The coronavirus vaccine zone of President Donald Trump, Dr. Moncef Slaoui said Monday he expected the Pfizer and Moderna Covid-19 shots to be effective against the new tribe.

Take the primary one accessible, says Mayo Clinic CEO

Dr. Gianrico Farrugia, CEO of the Mayo Clinic, urges Americans to take the first Covid-19 vaccine available to them.

“My message is very simple: don’t wait for a specific vaccine,” he told CNBC’s Squawk Box on Tuesday. “Get the first vaccine on the market because its benefits far outweigh the potential risk.”

Two coronavirus vaccines have been approved in the US by the Food and Drug Administration for emergency use – one from Pfizer and BioNTech and the other from Moderna. The Moderna vaccine launches this week after receiving limited release on Friday. The first Americans outside of clinical trials received images of the Pfizer vaccine last week.

Currently, healthcare workers and residents of long-term care facilities are given priority in the first round of vaccination. However, as the number of doses available increases, a wider range of people can be immunized. On Sunday, a panel from the Centers for Disease Control and Prevention recommended that key workers and people aged 75 and over should come first.

Doctor Diana Rodriguez will receive the Covid-19 vaccine with the first batch of Moderna’s vaccine on December 21, 2020 at Hartford Hospital in Hartford, Connecticut.

Joseph Prezioso | AFP | Getty Images

Pfizer-BioNTech and Moderna’s vaccines, both of which are two vaccines, have shown strong efficacy in clinical trials. Pfizer reported 95% effectiveness in its large-scale study, while Moderna’s vaccine was more than 94% effective in preventing Covid.

“Having a vaccine that is 95% effective, like the two vaccines we currently have, is a medical miracle,” said Farrugia, who has headed the Mayo Clinic in Rochester, Minnesota, since January 2019.

Other vaccines could get FDA approval next year, which could help expand the pool of Americans who could get the vaccinations. Johnson & Johnson expects to receive data from its late-stage vaccination study early next year and may seek emergency approval in February.

The vaccines come at a critical time in the global pandemic. According to a CNBC analysis of data compiled by Johns Hopkins University, the seven-day average of new infections on Monday was 215,429, the sixth highest ever. The record high came last week. The last 7-day average of daily new deaths in the US was 2,655, the worst run rate ever.

“It’s important that people are trained and then vaccinated. This is the only way we can get out of this pandemic,” Farrugia said.

17 Christmas Sweaters We Are Obsessed With

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Don’t forget the ugly Christmas sweater this season.

Just because office parties and large gatherings can be canceled this year because of the coronavirus pandemic, it doesn’t mean you can’t have fun in the fashion department with different sweaters.

This year, fashion brands like Draper James Tipsy Elves, Ugly Christmas Sweater and others are relying on clever and unique designs. And whether you are celebrating Christmas, Hanukkah, or just the winter season, the chances are that you have a sweater. And yes, many of these companies have items for kids too. Nicely done Tipsy Elves with your sweaters and overalls.

With December we put together some of our favorites. Start shopping so you have plenty of time to wear all season long.

IAC declares that it’s going to spin off Vimeo

Anjali Sud, CEO of Vimeo

NurPhoto | NurPhoto | Getty Images

IAC is splitting its full stake in its video software company Vimeo, the company announced on Tuesday.

IAC’s shares rose more than 5.5% in premarket trading.

Upon completion of the transaction, which is expected to close in the second quarter of 2021, Vimeo will become an independent, publicly traded company.

The transaction is expected to take the form of a reclassification of IAC shares, the company said.

The planned spin-off takes place because the shares of Software as a Service (SaaS) are rising sharply, which is in part exacerbated by the Covid-19 pandemic. Vimeo saw strong user growth over the past year. Subscribers grew 24% in November. Vimeo, which previously focused on streaming entertainment, especially from independent filmmakers, implemented its plan to provide video services to businesses a few years ago.

The company reached a valuation of $ 2.75 billion in early November after raising $ 150 million in equity from Thrive Capital and GIC, IAC said.

This makes Vimeo the 11th stock company that emerged from IAC. The company recently agreed to spin off all shares in the online dating company Match Group.

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MyPillow Man’s election fraud was so absurd that even Newsmax needed to minimize it

Right-wing media broadcaster Newsmax was forced to tune out MyPillow guy Mike Lindell on live TV Monday night when he was just starting to spit out crazy conspiracy theories about Dominion voting machines.

The moment came at a time when Newsmax, Trump’s new favorite propaganda network, was coming under legal pressure to spit out lies about election fraud.

“The biggest scam is the Dominion machines,” said Lindell. “At 11:15 on election night, our great President, for all he is -“

Sebastian Gorka, another Trump sycophant, was forced to cut off Lindell and turn the discussion back to MyPillow’s cultic worship of Trump.

Video:

Host Seb Gorka cuts MyPillow guy Mike Lindell shortly after Lindell started promoting conspiracy theories about voting machines. (Under legal pressure, Newsmax only had to operate segments that exposed their own lies about voting machines.) Pic.twitter.com/smSo6aBbeB

– Aaron Rupar (@atrupar) December 22, 2020

The exchange:

MIKE LINDELL: I believe in this President and I will tell you something. … You talked about all of this fraud, Doctor. The biggest scam is the Dominion machines. And at 11:15 on election night our great President for all he is –––

SEBASTIAN GORKA: Mike, we won’t go into the details. I want to ask you – because this show is about courage. … I want to know why you, Mike Lindell, are supporting the President on these legal cases.

Lindell: Well, because everything is at stake here.

MyPillow guy was washing his money away for Trump

It’s no surprise Mike Lindell is on live TV spitting out debunked conspiracy theories about Donald Trump’s loss of the election.

After all, as The Daily Beast reported, the MyPillow founder has already pumped more than $ 1 million into pro-Trump election lawsuits.

As the report noted[H]We financially support the work of several legal teams and Trumpist attorneys after the election, including Lin Wood and Sidney Powell, the latter of whom is a former senior member of the president’s legal team. “

Of course, money isn’t the only thing Lindell washed away for Donald Trump. Any credibility that he once had is gone too.

Follow Sean Colarossi on Facebook and Twitter

Sean Colarossi currently resides in Cleveland, Ohio. He earned his Bachelor of Arts in Journalism from the University of Massachusetts Amherst and was an organizing fellow for both of President Obama’s presidential campaigns. He also worked with Planned Parenthood as the Outreach Organizer of the Affordable Care Act in 2014, helping Northeast Ohio residents get health insurance.

Covid restoration plans will help combat local weather change

Goldbecksolar employees test a module in a solar park under construction in a former gravel mine.

Jens Buttner | Image Alliance | Getty Images

During the coronavirus pandemic, the worst public health crisis in a century, some people pointed to a tiny silver lining for the planet: global lockdown measures reduced climate change-related carbon dioxide emissions.

Global greenhouse gas emissions fell by around 7% from 2019 as businesses closed and fewer people traveled by car and plane to contain the spread of the virus. The decline results in a decrease in global warming of around 0.01 degrees Celsius by 2050 – a negligible impact, the scientists say.

But until 2020 ends and a first introduction of vaccines raises hopes of an early end to the pandemic, scientists warn that emissions will rise again next year and will continue to rise unless governments prioritize climate change in their economic stimulus plans for Covid-19 .

Invest in a green recovery

In response to the economic damage caused by the pandemic, the world’s largest economies have already allocated more than $ 12 trillion to resume economies, according to the International Monetary Fund.

It is an unprecedented global effort that scientists and researchers must embrace climate resilient projects such as increasing green public transport, renewable energy and smart power grids.

“These stimulus packages are a unique opportunity to kickstart a green recovery that locks us into a just and sustainable future,” said Inger Andersen, executive director of the UN Environment Program.

“The science is clear. Time is running out,” said Andersen. “We have a decade to change our economies and avoid climate catastrophes.”

More of CNBC environment::
The Covid pandemic led to a record drop in global carbon emissions in 2020
A historic Atlantic hurricane season is coming to an end. Here’s a look at the records it broke

A so-called green recovery from the pandemic involves moving away from investing in and providing subsidies for fossil fuels to investing in zero-emission technologies and infrastructure, ending coal-fired power plant production, and restoring and preserving the planet.

“There is a benchmark for effective and lasting emissions reductions,” said Kim Cobb, climate researcher at Georgia Tech. “The pandemic is failing in all respects.”

“After the pandemic, the world’s governments will invest trillions of dollars in efforts to stimulate the economy and alleviate suffering,” Cobb said. “You should make these stimulus packages emission-friendly and fair.”

Workers install wind turbines in a wind farm on November 16, 2020 in Anqing, Anhui Province, China.

Li Long | Visual China Group | Getty Images

The world is still aiming for a temperature increase of more than 3 degrees Celsius this century, which is well above the goals of the global Paris Agreement. The rise in temperature is linked to more frequent and more destructive climatic disasters such as hurricanes and forest fires, rapid ice melting and increased sea level rise.

A recovery in the green pandemic could cut expected emissions by up to 25% in 2030 and cut the chances of keeping the world below a 2-degree Celsius scenario by up to 66%, according to a UN report released earlier this month. increase.

“Huge Missed Opportunity”

Jennifer Layke, global director of the World Resources Institute research group, emphasized that the window of opportunity for governments to invest in climate resilient technologies and infrastructures is critical.

For example, leaders of countries like Germany, the United Kingdom, and Japan have urged states to invest in technologies like solar power and electric vehicles as part of their pandemic recovery plans.

However, many countries developing stimulus programs have failed to prioritize investments in clean energy, and policymakers and energy system participants are drawing on what they have done in the past.

According to the United Nations, only around a quarter of the G20 heads of state and government have spent part of their spending, up to 3% of GDP, on low-carbon measures

“Ambition alone does not help us to reduce emissions.”

Inger Andersen

UN environmental program

“We haven’t seen how much is invested in eco-friendly incentives that would allow us to move from fossil fuels to cleaner technologies,” said Layke. “It’s a big missed opportunity.”

The global response to the pandemic is reminiscent of the financial crisis 10 years ago, Layke said when carbon emissions rose higher than ever after governments around the world invested more in fossil fuels to recover from the recession.

“The economy is a big tanker going in the wrong direction around the world,” she said. “This is the moment these executives need to take action. If their past investments in Covid-19 recovery are an indicator, we are off course.”

More net zero emissions targets

It is also crucial that governments around the world update and consolidate more ambitious climate targets at the next round of UN talks to be held in Glasgow, Scotland, in November.

While emissions trends aren’t looking good, a global shift is afoot. The UN report showed that 126 countries, which account for 51% of global greenhouse gas emissions, will have adopted or are considering net zero emission targets by mid-century.

China, the world’s largest polluter, has vowed to cut its emissions to zero by 2060. Britain has vowed to cut emissions by 68% by 2030. Korea and Japan have announced net zero targets.

In the US, President-elect Joe Biden has pledged to resume the Paris Agreement and bring emissions to zero by 2050, although it is unclear how ambitious his emissions reduction target will be.

Despite a large number of countries committed to reduction targets, experts criticized their global pandemic incentives for not prioritizing investments in energy efficiency.

“Ambition alone will not help us reduce emissions. It is absolutely essential that countries translate these ambitions and commitments into nationally determined contributions and start implementing plans,” said Andersen.

“I also urge governments to use the next wave of Covid-19 financial interventions to move us in that direction because ultimately we simply cannot set a price for the future that we will lose.”

Pharrell admits he would sniff if he needed to: “I am not a tricky man” (video)

In hip hop culture where there is a “no-snitching” code, legendary producer Pharrell openly admits that he would sniff if he had to.

He proudly stated that he was “not a tough guy” during a recent appearance on the Drink Champs podcast and said he would sniff if he was in a position where his life was threatened.

We can appreciate a confident man and Pharrell doesn’t make excuses – just honesty.

“I’m not a tough guy, brother,” Pharrell said while telling a story when Lil Wayne took him to a crowded New Orleans club where people were strapped down.

“I really believe in paying taxes because if you are paying taxes you shouldn’t be able to choose 9-1-1.”

Pharrell recalled another time he recently went into a Miami recording studio and people were filming outside of the establishment.

“I’m not a tough guy in the truest sense of the word, I’ll stay inside and the bloody FBI is on speed dial, brother. I’m not a tough guy, ”Pharrell said. “You guys say things about the runny nose … I fuck the runny nose, brother! What are you talking about? Everyone plays their role, it’s a movie, people, everyone plays their role. I sniffed! Don’t do anything around me, I’m not built for prison life. I sniffed! “

Skateboard P continued: “What do you mean by that? You can’t get mad at me. I have a purpose, I have to be me, I have to do my job and I have to play my role in this movie. And my part is I told you not to do this. I told you that this was not what I was built for. I’m really sorry but this is your business. “Your Honor, Jury, are you listening? I asked him not to do this, and if he would or she would, don’t tell me. ‘”

Pharrell doesn’t lie because we know that not everyone is fit for this life and it seems that they don’t claim to be something they are not.

Pharrell always gave us the peace and love mood anyway.

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Authorities bond yields are falling amid fears of a brand new pressure of coronavirus

U.S. government debt prices rose Tuesday as investor sentiment was shaken by a rapidly spreading new strain of coronavirus in the UK

The yield on the benchmark 10-year Treasury note fell to around 0.918% while the yield on the 30-year Tresury note fell to 1.656%. Bond yields move inversely with prices.

On Monday, 10-year government bond yields fell below 0.9% as fears over the new Covid variant sparked demand for the relative security of government bonds.

The variant, which scientists say is up to 70% more transmissible than previous tribes, forced the UK government to shut down London and other parts of south east England and track the mix of households during the Christmas break.

It also resulted in several countries around the world closing their borders with the UK, disrupting travel and raising concerns about possible food shortages as the deadline for the Brexit transition drew near.

Still, investors could find some solace in a $ 900 billion Congressional bailout package for Covid-19 and longer-term optimism about vaccine rollout worldwide.

On Monday, Congress passed a mammoth coronavirus aid and government spending package. The package includes an increase in unemployment benefits, more small business loans, an additional $ 600 in direct payment, and funding to streamline the critical distribution of Covid-19 vaccines. The bill now goes to President Donald Trump’s desk.

Meanwhile, investors are also watching coronavirus vaccines roll out. With the Pfizer BioNTech vaccine already rolled out nationwide, about 6 million doses of the Moderna vaccine were distributed on Sunday.

In terms of data, third quarter GDP numbers are expected at 8:30 a.m. ET, while consumer confidence and existing home sales are expected at 10 a.m. ET.

The brand new coronavirus pressure weighs on the temper

LONDON – European stocks were higher Tuesday morning, trying to bounce back from a brutal sell-off in the previous session as investor sentiment was shaken by a new strain of coronavirus in the UK

The pan-European Stoxx 600 rose 1.1%, with the German DAX and French CAC index rising 1.3% each. The UK’s FTSE 100 bucked the trend, falling 0.2%. Bank stocks were the top winners, up 2.2%, with Lloyds gaining over 4% to lead the sector.

European markets came under heavy selling pressure on Monday as they had concerns about a rapidly spreading Covid mutation, first identified in the UK. The new variant forced the British government to shut down London and other parts of south-east England and to trace the confusion of households over the Christmas break.

The variant, which scientists say is up to 70% more transmissible than previous strains in the UK, has also been identified in Italy, the Netherlands, Belgium, Denmark and Australia. It has resulted in several countries around the world closing their borders with the UK, disrupting travel and raising concerns about possible food shortages as the deadline for the Brexit transition approaches.

Meanwhile, the UK and EU remain bogged down on post-Brexit trade relations as the December 31 deadline draws nearer and disputes over issues such as fisheries plague talks. British Prime Minister Boris Johnson said Monday the country could still collapse without a deal.

“The position is unchanged, there are problems,” British Prime Minister Boris Johnson told reporters on Monday. “It is important for everyone to understand that Britain needs to be able to fully control its own laws and that we need to be able to control our own fisheries.”

“The case remains that the WTO terms are more than satisfactory for the UK and we can certainly face any difficulties that come our way.”

Sterling extended Monday’s losses on Tuesday and fell another 0.5% to around $ 1.34.

Official data showed that UK GDP grew a record 16% in the third quarter, but still didn’t make up for an 18.8% decline in the previous quarter when much of the economy closed.

In Asia, stocks fell on jitter over the new strain of coronavirus. The broadest MSCI index for stocks in Asia Pacific outside Japan fell 0.43%.

On Wall Street, stock futures were mixed after a volatile session in which the Dow Jones Industrial Average cut a 400-point deficit.

The muted move came when Congress passed a coronavirus aid and government spending package on Monday evening. The bill now goes to President Donald Trump’s desk.

In terms of individual stocks, UK supermarket stocks were under pressure on Tuesday after the interruption caused by international travel bans led to gaps on shelves. Sainsbury was down nearly 0.5% while B&M European was down 0.2%.