Did you buy furniture online during the pandemic? If so, you are in good company. Wayfair, the online home furnishings store, reported an 84% increase in sales to $ 4.3 billion yesterday. And it reported a profit after a long series of losses. Read Phil Wahba's report here.
It is also a good time to become a bankruptcy attorney. Fortune maintains a list of companies that have filed for bankruptcy. These include the two companies that have provided most of my work wardrobe over the past few decades – Tailored Brands and Brooks Brothers. That makes sense, since all the suits I bought from them have been hanging in my closet unused since March 12th.
Finally, Facebook introduced its new product Instagram Reels, a clear cut off of the controversial TikTok app, which President Trump has threatened to ban because of his alleged ties to Beijing. The social media giant apparently hopes the move will help win Gen-Zers and Washington back at the same time.
More news below.