The daily business briefing: July 22, 2020

1. Walmart to close for Thanksgiving, give workers 3rd coronavirus bonus

Walmart announced Tuesday that it will close all of its stores this Thanksgiving, and provide another bonus to employees who have continued to work through the coronavirus crisis. "We know it's been a trying year, and you've stepped up," Walmart U.S. president and CEO John Furner wrote in a memo to employees. "We want you to enjoy the day at home with your loved ones." This will be the first time Walmart stores have closed on Thanksgiving since the 1980s. Walmart has been operating with reduced hours since the coronavirus outbreak in March, and this will be the third bonus to employees. The latest bonus will be $300 for full-time hourly employees and drivers, and $150 for part-timers. Walmart has doled out $1.1 billion in bonuses so far in 2020.

USA Today

2. Republicans begin negotiations on new coronavirus relief bill

Republican senators met Tuesday with Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows to work on a new $1 trillion coronavirus-relief proposal. The details remained unclear, although there is broad support for another round of stimulus checks for individuals, an extension of extra jobless benefits due to end July 31, and increased funding for coronavirus testing. Many lawmakers, however, oppose President Trump's push for a payroll tax cut. "We have a lot of work to do to get something passed by the end of next week," Mnuchin said. "That's our goal. Let's see if we can get there." After talking with senators, Mnuchin and Meadows met with House Speaker Nancy Pelosi (D-Calif.). Democrats support a larger, $3.5 trillion plan.

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Bloomberg

3. Men's Wearhouse, Jos. A. Bank parent company to close up to 500 stores

The parent company of Men's Wearhouse and Jos. A. Bank announced Tuesday that it would close up to 500 stores. Tailored Brands said it would shut down the stores "over time," and slash its corporate workforce by 20 percent this quarter. The company had 19,300 employees and 1,450 stores at the start of February. The company was not the first seller of business suits to reveal financial struggles as more Americans work from home to reduce the risk of coronavirus infections in offices. Brooks Brothers filed for bankruptcy protection this month. A varied group of other retailers has done the same since May, including Lucky Brand, J.C. Penney, Neiman Marcus, Sur La Table, and J. Crew.

USA Today

4. United loses $1.6 billion in 'most difficult' quarter in its history

United Airlines announced Tuesday that it lost $1.6 billion in the second quarter of 2020 as the coronavirus pandemic limited demand for travel and revenue dropped by 87 percent. The company called the slump "the most difficult financial quarter in its 94-year history." During the same quarter in 2019, United posted a $1.05 billion profit. United said it would respond to the crisis by cutting costs. The airline plans to cut back to just 35 percent of its normal schedule through September. It also plans mass layoffs, and recently warned it might have to cut up to half of its domestic workforce if travel demand doesn't rebound. About 6,000 employees have accepted voluntary buyout packages.

The Wall Street Journal Los Angeles Times

5. DOJ accuses 2 Chinese nationals of hacking coronavirus vaccine firms

The Justice Department on Tuesday accused two Chinese nationals of hacking into the computer systems of companies working on COVID-19 vaccines to steal trade secrets for the Chinese government. The news came as numerous drug companies race to develop a vaccine to fight the coronavirus pandemic. The suspects, Li Xiaoyu, 34, and Dong Jiazhi, 33, allegedly have stolen terabytes of data in various hacking efforts over more than a decade, targeting firms in the United States, Australia, Belgium, Germany, Japan, Lithuania, the Netherlands, Spain, South Korea, Sweden, and the United Kingdom, according to the indictment. In addition to vaccine data, the DOJ said, the hacking has targeted trade secrets on manufacturing, gaming software, solar energy, pharmaceuticals, and defense industries. China's Washington embassy did not immediately comment.

CNBC