The number of cases of the coronavirus that causes COVID-19 rose to 2.2 million on Friday, as China raised the official number of deaths in Wuhan, the city that first reported the illness late last year, and its GDP fell by 6.8% to mark the first-ever contraction on record.
TravelCenters of America (NASDAQ: TA) is laying off more than 3,000 employees because its full-service restaurants are closed and stay-at-home orders have all but dried up business from non-trucking motorists.TA, which operates 260 TA, Petro Stopping Centers and TA Express travel centers in 44 states and Canada, is furloughing approximately 2,900 field employees and about 122 corporate employees. Total company employment is 21,000."This decision was very difficult, but these are unprecedented times," said TA CEO Jon Pertchik, a veteran turnaround expert hired in December 2019. "We believe this step is necessary to preserve the long-term success of our company and to ensure our essential services remain available for the millions of professional drivers who rely on us daily,"The coronavirus pandemic has caused many state and local governments to close or severely limit non-essential services, including full-service restaurants. TA said in March that parts of its business may not be considered essential during the health crisis. That is playing out for its full-service restaurants.All TA locations remain open, providing fuel, showers, restrooms, quick-serve restaurants and convenience stores to truck drivers hauling essential freight like food for grocery stores and medical supplies.All furloughed employees currently enrolled in TA's benefits programs will continue to be eligible for healthcare coverage based on their plan. Impacted employees are eligible to apply for enhanced unemployment benefits under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.TA is the only publicly traded travel plaza operation among the three largest truck stop operators. Pilot Company and Love's Travel Stops & Country Stores did not immediately comment on whether they have or are laying off employees.See more from Benzinga * USPS Halting International Services In 72 Countries * FBX Report: April 16, 2020 * Updated: Marten's Dedicated Division Keeps Company Steady Overall In First Quarter(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
TravelCenters of America Inc. (Nasdaq: TA), nationwide operator of the TA, Petro Stopping Centers and TA Express travel center brands, announced today that it is accelerating its network expansion strategy by actively pursuing franchising opportunities for business growth. The Company also announced a new TA Express franchise opening today in Mt. Vernon, Texas.
We're definitely into long term investing, but some companies are simply bad investments over any time frame. It hits...
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TravelCenters (TA) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
TravelCenters of America is implementing a plan to help its employees who continue to work and serve customers during the COVID-19 pandemic.
TravelCenters of America Inc. said Friday it is furloughing 2,900 field employees and 122 corporate employees after it was forced to close many of its its full-service restaurants because of the coronavirus pandemic. The Westlake, Ohio-based company, said its TA, Petro Stopping Centers and TA Express travel centers remain open, providing fuel, showers, restrooms, quick-serve restaurants and convenience stores for drivers, but stay-at-home orders in many states have closed or limited its restaurant service and greatly reduced customer demand. The company said all furloughed employees will receive benefits and be eligible for health care based on their plan, and will be eligible to apply for enhanced jobless benefits under the CARES Act. "This decision was very difficult, but these are unprecedented times," Chief Executive Jon Pertchik said in a statement. Shares were not active premarket, but have fallen 51% in the year to date, while the S&P 500 has fallen 13%.
TravelCenters of America Inc. (Nasdaq: TA) today announced that it has commenced a company-wide reorganization, which is a key step in the Company’s strategic, long-term plan to improve its operational efficiency and profitability.
Kohl's (KSS) saw a big move last session, as its shares jumped more than 6% on the day, amid huge volumes.
TravelCenters of America Inc. (Nasdaq: TA) today announced the results of its 2020 Annual Meeting of Stockholders, which was held earlier today, as follows.
TravelCenters of America Inc. (Nasdaq: TA) today announced financial results for the three months ended March 31, 2020.
TravelCenters of America Inc. (Nasdaq: TA) announced today that its annual meeting of stockholders scheduled for May 21, 2020 (the "Annual Meeting") will be held by Internet webcast in order to mitigate potential risks to the health and safety of TA’s stockholders, service providers, personnel and other stakeholders arising from the public health impact of the coronavirus outbreak (COVID-19).
TravelCenters (TA) delivered earnings and revenue surprises of -166.18% and -7.16%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
TravelCenters of America Inc. (Nasdaq: TA) announced today that it signed a franchise agreement to open a Petro Stopping Center in Monteagle, Tennessee. Operated by new franchisees Brian Graber, Tammy Graber and Rodney Kilgore, the new travel center will be located on 21 acres at Interstate 24, Exit 135 and is expected to open in the first quarter of 2021.
TravelCenters of America Inc. (Nasdaq: TA) today announced that it plans to issue a press release containing its first quarter 2020 financial results before the Nasdaq opens for trading on Tuesday, May 5, 2020. Later that morning, at 10:00 a.m. Eastern Time, Chief Executive Officer Jonathan M. Pertchik, President Barry Richards and Chief Financial Officer and Treasurer Peter Crage will host a conference call to review the first quarter 2020 results.
TravelCenters of America Announces Business Updates Related to COVID-19 Pandemic
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Shares of TravelCenters Of America (NASDAQ:TA) were unchanged at $10.16 after the company reported Q1 results.Quarterly Results Earnings per share were down 402.78% year over year to ($1.81), which missed the estimate of ($0.68).Revenue of $1,303,000,000 lower by 8.69% year over year, which missed the estimate of $1,400,000,000.Outlook TravelCenters Of America hasn't issued any earnings guidance for the time being.TravelCenters Of America hasn't issued any revenue guidance for the time being.Details Of The Call Date: May 05, 2020View more earnings on TAWebcast URL: https://78449.choruscall.com/dataconf/productusers/ta/mediaframe/36742/indexr.htmlRecent Stock Performance Company's 52-week high was at $19.64Company's 52-week low was at $3.35Price action over last quarter: down 19.68%Company Description TravelCenters Of America Inc is a US-based company which operates travel centers and standalone restaurants. It operated or franchised several travel centers, few standalone truck service facilities, and some standalone restaurants. The company's customers include trucking fleets and their drivers, independent truck drivers, highway and local motorists and casual diners. It generates revenue from fuel operations, non-fuel operations, rents, royalties and other fees from tenants and franchisees. The majority of its revenue is derived from fuel operations from the United States.See more from Benzinga * Recap: P.H. Glatfelter Q1 Earnings * Primoris Services: Q1 Earnings Insights * Recap: Welbilt Q1 Earnings(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Moody's Investors Service, ("Moody's") revised the outlook of Service Properties Trust to negative from stable. At the same time, Moody's affirmed all of the REIT's ratings, including its Baa3 senior unsecured rating. The negative outlook reflects Moody's expectations that travel restrictions being put in place across the US related to the spread of the coronavirus will put significant pressure on Service Properties' earnings in 2020.