https://www.washingtonpost.com/busin...wpisrc=nl_most
Clip from the above article:Now, the economy is screeching to a halt and the stock market is in free fall. On Thursday, the Big Three automakers said they would close their factories through March 30. Real estate agents have canceled open houses. Marriott, the largest hotel company in the world, is closing its hotels and furloughing thousands of workers.
In a video message to employees, CEO Arne Sorenson said he would not take any salary for the rest of the year. The pandemic “is like nothing we’ve ever seen before,” he said.
The sudden loss of hotel business exceeded the combined effects of the Great Recession and the aftermath of the 9/11 terrorist attacks. On average, hotel revenue is down 75 percent, which requires draconian retrenchment.
“I can tell you that I have never had a more difficult moment than this one,” said an emotional Sorenson. “There is simply nothing worse than telling highly valued associates, people who are the very heart of this company, that their roles are being impacted by events completely out of their control.”