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Yelp will bring back most of its 1,100 furloughed employees next month
Employees of the online review site Yelp at the East Coast headquarters of the tech company on October 26, 2011 in New York City.
Spencer Platt | Getty Images
Yelp is bringing back "nearly all" of its 1,100 furloughed employees and restoring employee pay and work hours starting in August, the company announced Monday.
The company will also extend its office closures into 2021, resulting in the layoff of 63 more employees.
Yelp in April laid off 1,000 employees and furloughed roughly 1,100 more, as the coronavirus pandemic dramatically decreased consumer interest in going out due to social distancing mandates.
"As local economies begin their recovery, we remain cautious but optimistic in the face of continued uncertainty," Yelp CEO Jeremy Stoppelman wrote in an email to employees that was shared with CNBC.
"We expect to see a continued fluctuation in business openings and closures during the course of the pandemic as communities respond to local outbreaks. While the pacing and duration of the recovery are still unknown, the executive team and board feel confident in our ability to withstand the challenges and embrace the opportunities that lie ahead," he added.
Workers across the nation are slowly returning to their jobs, though Covid-19 cases are still rising. Weekly jobless claims for the week that ended July 4 totaled 1.314 million, while continuing claims came in at 18.06 million, according to the Labor Department.
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Hedge fund plans to buy bankrupt McClatchy newspaper chain
Chatham Asset Management plans to buy the bankrupt McClatchy newspaper chain in the latest hedge-fund takeover of a major news publisher.
New Jersey-based Chatham was named the winning bidder Sunday of a bankruptcy auction for the publisher of 30 local newspapers including the Miami Herald, the Sacramento Bee and the Kansas City Star.
The companies did not reveal the price of the deal. But Chatham and fellow hedge fund Brigade Capital Management had put together a bid worth more than $300 million in an auction that drew more than 20 potential buyers, as The Post previously reported.
The deal will also restructure McClatchy’s hefty debt burden linked to its 2006 takeover of rival news publisher Knight-Ridder, along with its pension obligations, which helped push the company into bankruptcy.
A federal bankruptcy court has to approve the agreement, and a hearing is set for July 24.
McClatchy is poised to exit bankruptcy in the third quarter of this year under the deal with Chatham. The company indicated that it will emerge from Chapter 11 with all of its publications intact — though their future is uncertain as the news industry takes a beating from the coronavirus pandemic.
McClatchy President and CEO Craig Forman said he was “pleased” that Chatham and the company’s other creditors “believe in our business and our mission and are helping to achieve these goals.”
“Local journalism has never been more vital and we remain steadfast in our commitment to delivering on our mission and continuing to serve our communities,” Forman added in a statement.
Chatham was McClatchy’s biggest debt holder and shareholder when the Sacramento-based chain filed for bankruptcy in February. The fund run by Anthony Melchiorre also owns American Media Inc., publisher of the National Enquirer, and the Postmedia newspaper chain in Canada.
Alden Global Capital — another hedge fund with a reputation for gutting local papers under its MediaNews Group banner, which owns dozens of outlets including the Denver Post — also emerged as a potential bidder for McClatchy last week before Chatham was picked as the winner, according to reports.
With Post wires
EXCLUSIVE: Here are the 25 fastest-growing DTC brands for Q2, according to growth in...
KiwiCo; Draper James; Outer; Youth To The People; CUUP; Samantha Lee/Business Insider SimilarWeb, which provides global digital traffic insights about websites and apps, has released its report of the 25 fastest growing direct-to-consumer brands for Q2. The data ranks the 25 highest performing DTC brands in terms of quarter-over-quarter monthly traffic growth, from Q1 to Q2. While the fastest-growing brands in Q1 were representative of a pandemic-stricken market, the results for Q2 display a pathway toward recovery and highlight how effective marketing and personalization can boost growth for DTC companies in a variety of categories, according to SimilarWeb's retail industry consultant Jamie Drayton. From Cubcoats to Mented Cosmetics, here are the top performers. Visit Business Insider's homepage for more stories. As stores reopen and restrictions ease across the country, changing shopping habits are helping some direct-to-consumer companies. SimilarWeb, which provides global digital traffic insights about websites and apps, has identified the 25 fastest-growing DTC e-commerce brands in the US for Q2. The quarterly report follows a similar report for Q1. Now, with the initial wave of the pandemic in the past, the features that have been defining success in the DTC landscape are changing. In general, the rise of e-commerce
EXCLUSIVE: Here are the 25 fastest-growing DTC brands for Q2, according to growth in...
KiwiCo; Draper James; Outer; Youth To The People; CUUP; Samantha Lee/Business Insider SimilarWeb, which provides global digital traffic insights about websites and apps, has released its report of the 25 fastest growing direct-to-consumer brands for Q2. The data ranks the 25 highest performing DTC brands in terms of quarter-over-quarter monthly traffic growth, from Q1 to Q2. While the fastest-growing brands in Q1 were representative of a pandemic-stricken market, the results for Q2 display a pathway toward recovery and highlight how effective marketing and personalization can boost growth for DTC companies in a variety of categories, according to SimilarWeb's retail industry consultant Jamie Drayton. From Cubcoats to Mented Cosmetics, here are the top performers. Visit Business Insider's homepage for more stories. As stores reopen and restrictions ease across the country, changing shopping habits are helping some direct-to-consumer companies. SimilarWeb, which provides global digital traffic insights about websites and apps, has identified the 25 fastest-growing DTC e-commerce brands in the US for Q2. The quarterly report follows a similar report for Q1. Now, with the initial wave of the pandemic in the past, the features that have been defining success in the DTC landscape are changing. In general, the rise of e-commerce
