Grand Plaza Hotel has become the second St. Pete Beach hotel with a mass layoff. The hotel laid off 239 workers as of March 20, it said in a WARN notice to the Florida Department of Economic Opportunity, citing "the unforeseeable, dramatic downturn in business and occupancy caused by the coronavirus natural disaster." The hotel said it expects the layoffs to be temporary. Both Grand Plaza Hotel and its neighbor, Beachcomber Beach Resort, which laid off 117 workers, are part of Benchmark Resorts & Hotels.
MarineMax said it is focused on preserving capital as it deals with the fallout from the coronavirus pandemic. In a news release, the Clearwater-based recreational boat and yacht retailer outlined several steps it is taking, including working to extract capital from its debt-free real estate holdings, monetizing its inventory and reducing incoming order from manufacturers. MarineMax said it has temporarily closed some locations based on local government guidance, although many of its 59 stores are fully or partially operational. The company's digital platform is seeing robust online activity. MarineMax (NYSE: HZO) withdrew its full year fiscal 2020 financial guidance, but said for the fiscal second quarter that ended March 31, it expected revenue to range from $303 million to $308 million.
The Pinellas County Emergency Operations Center (EOC) upgraded to a Level 1 virtual activation Tuesday morning. In this case, virtual means that many county staff and partners are working remotely to maintain safe social distancing and reduce the risk of spreading COVID-19, the county said in a news release. County or partner staff reporting to the EOC continue to be screened for illness before entering the facility. Working groups have established emergency medical service transport procedures, an emotional support phone line and business collaborations for locally-produced personal protective equipment. The county still is accepting donations of personal protective equipment and ventilators, as well as non-perishable food. As of Tuesday morning, there were 144 confirmed cases of coronavirus in Pinellas County, up from 129 cases on Monday night. Five deaths and 45 hospitalizations in Pinellas County are attributed to coronavirus.
Beachcomber Beach Resort at 6200 Gulf Blvd. in St. Pete Beach laid off 117 workers on March 20. The mass layoff is expected to be temporary, the resort said in a Worker Adjustment and Retraining Notice to the Florida Department of Economic Opportunity. The layoffs were due to "the unforeseeable, dramatic downturn in business and occupancy caused by the coronavirus natural disaster," the resort said.
The Tampa-St. Petersburg area has one fewer publicly traded company. Culligan completed its purchase of AquaVenture Holdings Ltd. (NYSE: WAAS) in Tampa on Monday. Culligan, a privately held Chicago company with water filtration and treatment products, paid $27.10 share for each share of AquaVenture stock. The deal was valued at $1.1 billion when it was announced in December. AquaVenture had water-as-a-service solutions and two operating segments. Culligan retained AquaVenture's Quench, a provider of bottle-free, filtered drinking water systems and services. Culligan divested another operating segment, Seven Seas Water, to Morgan Stanley Infrastructure Partners. Seven Seas provides desalination, wastewater treatment and water reuse solutions to governmental, industrial, property developer and hospitality customers.
The city of St. Petersburg will resume curbside recycling on Tuesday. The city suspended the service on March 23 due to a mechanical issue at the vendor's recycling facility, but the suspension will be lifted on March 31, the city announced on Twitter.
Great news! Suspension of citywide recycling collection service due to the mechanical issue at the vendor's recycling facility has ENDED. Regularly scheduled recycling collection service will resume on Tuesday, March 31. 👉Find your collection day at https://t.co/XXS4sS7nhQ pic.twitter.com/ZmMqvBLIti
— St. Petersburg, FL (@StPeteFL) March 30, 2020
Macy's Inc. (NYSE: M) said majority of the workers in its stores will go on furlough beginning this week. The COVID-19 outbreak continues to take a heavy toll on the company's business, it said in a news release Monday. All of Macy's stores have been closed since March 18, with no date to reopen yet determined, and "while the digital business remains open, we have lost the majority of our sales due to the store closures," the company said. Macy’s said it will move to the absolute minimum workforce needed to maintain basic operations in its stores, with fewer fewer furloughs in its digital business, supporting distribution centers and call centers. At least through May, furloughed workers who are enrolled in health benefits will continue to receive coverage with the company covering 100 percent of the premium. Locally, Macy's has stores in Tyrone Square in St. Petersburg, Westfield Countryside in Clearwater, Westshore Plaza in Tampa, Westfield Citrus Park and Westfield Brandon. It also has a call center in Clearwater.
Rep. Charlie Crist released a statement Monday, following reports that companies that had received federal assistance through the CARES Act, like United Airlines, were planning to layoff or furlough employees anyway. The CARES Act, which would provide $50 billion to the airline industry and trillions more to employers and employees throughout the country, requires that bailed-out companies not involuntarily furlough employees through Sept. 30, 2020. “The American people expect that companies accepting taxpayer assistance are not putting those same Americans out of work,” Rep. Crist said. “The loans, grants, and appropriations included in the CARES Act are specifically intended to help employers make payroll, keep their businesses afloat, and keep their employees working. Companies and organizations availing themselves of this assistance should follow Congressional intent. As a member of the Appropriations Committee, I take seriously our oversight responsibility and would welcome any bailed-out executive to testify about why they would accept taxpayer dollars and then put Americans out of work.”
Publix Super Markets Inc. said it will offer rent relief to businesses operating in shopping centers that it owns that have closed due to the coronavirus pandemic. Publix said it would waive rent for two months, as well as waive payments for common area maintenance fees and taxes, regardless of the tenant’s access to other relief or assistance.“As a company that started as a small business 90 years ago, Publix wants to help businesses renting from us survive the economic impact of these unexpected closures,” Maria Brous, director of communications for Publix, said in a news release. While the majority of the company's 1,239 supermarkets are leased, Publix owns both the building and land at 351 locations, the company said in its most recent annual report.
There are now four deaths in Pinellas County due to Covid-19 coronavirus, according to an 11 a.m. Saturday update from the Florida Department of Health. That's up from one death reported earlier this week. There are a total of 94 cases in Pinellas, with 33 hospitalizations, the health department reported. Statewide, there are 3,763 confirmed cases and 54 deaths.
Raymond James Financial Inc. (NYSE: RJF) is issuing $500 million in senior notes, with proceeds of the offering to be used for working capital and general corporate purposes. Moody's Investors Service has assigned an investment-grade Baa1 rating to the notes, saying the rating reflects the strength and stability of the company. Financial flexibility is important since the coronavirus pandemic is causing profound economic, societal, operational and other shocks, Moody's said. "The economic and market impact will lead to some deterioration in Raymond James's profitability and debt service metrics over the near term, but Raymond James's diversified revenue streams, flexible cost structure, and low level of debt will allow the firm to quickly recover its pre-tax margin, leverage and coverage," Moody's said. The notes will have an annual interest rate of 4.65 percent and will mature on April 1, 2030, St. Petersburg-based Raymond James said in a news release. The offering is expected to close March 31.
Rep. Charlie Crist will host a virtual town hall Monday Mar. 30 at 6:45pm to share information related to the Covid-19 pandemic. Crist, who will be joined by Florida Commissioner of Agriculture and Consumer Services, Nikki Fried, will connect with constituents via phone to share information and answer questions. Fried will provide an update on her department's work, keeping agriculture moving in the state and making sure Florida students and families are fed during the pandemic. This event will be live-streamed at Rep. Charlie Crist's website.
